VANCOUVER WEST JULY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release heralds a resurrection of Buyer demand in a normally tranquil July. As a matter of fact last month was the second highest selling month of 2019. Despite Federal stress tests for mortgages, interest rates remain low and prices have abated, likely enticing Buyers into the market. Last month residential detached, attached and apartment sales increase 23.5 percent compared to July 2018. Year to year the total inventory of listed properties is up 17.3 percent while new listings are down 3.3 percent in that same time period. July to July the composite value of all Metro Vancouver properties is 9.4 percent less.
The graph shows the average price for Metro Vancouver detached properties in July fractionally up from June by 0.3 percent. The benchmark price for detached homes last month compared to July 2018 is down 10.5 percent. The volume of house sales is 32 percent higher year to year.
Last month versus the previous July Vancouver west detached prices fall 13.6 percent. July 2019 versus July 2018 west side house sales are elevated 36.2 percent. Year to year inventory is down 1.6 percent.
June to July sales of west side houses rise 31.7 percent. Month to month detached inventory is 1.7 percent lower.