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Blog by Don Kennedy

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Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.


The News Release suggests that Buyers took a summer vacation from the Metro Vancouver Real Estate market. Reduced Buyer activity caused lower benchmark prices in August for the second month in a row for all three housing categories, especially detached properties according to the sales-to-active-listings ration. Last month total residential sales are down 36.6 percent compared to August 2017. August to August new listings decrease 8.6 percent while the total inventory of listed properties is up 34.3 percent year to year. Last month the composite value of all Metro Vancouver properties increases 4.1 percent over the previous August.


The graph shows the average price of Metro Vancouver detached properties ticking up slightly by 0.8 percent from July to August. The benchmark price for detached houses last month compared to August 2017 is 3.1 percent lower. The volume of house sales is down year to year by 37.1 percent


Last month versus August 2017 Vancouver west detached prices are 10.3 percent lower. Year to year west side house sales are down by 11.5 percent. August to August inventory falls14.8 percent.


July to August this year sales of west side houses are at par. Month to month detached inventory declines 9.2 percent.