VANCOUVER WEST JULY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release points out that the bank of Canada began its series of interest rate hikes in July 2022, causing an immediate pull back in Buyer activity. Yet with interest rates now at their highest in a decade, year over year sales are up and so are prices as Buyers somehow adapt. Sales of all residential properties in Metro Vancouver this July rise 28.9 percent compared to last July. The composite value of all properties is 0.5 percent higher July to July. Newly listed properties last month are 17 percent better than the previous July but total inventory of listed properties is down 4 percent year to year.
From June to July the graph shows the average Metro Vancouver price for detached properties down minimally by 0.7 percent. The benchmark price for houses in July 2023 is 0.6 percent better than the previous July. Year to year the volume of detached home sales rises 28.7 percent.
Last month versus July 2022, Vancouver west detached prices are up one percent. West side house sales increase 50 percent year to year. This July, inventory is 23.2 percent above the previous July.
From June to July west side house sales decline 8 percent. Month to month detached inventory dips 7.9 percent.