VANCOUVER WEST JULY TOWNHOME MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release expresses surprise that recent declines in the Bank of Canada’s rate have not yet done enough to mitigate Buyer reticence. There is also a reminder that this is early days and it may take some months for these lower rates to influence higher sales. In the meantime inventory continues to grow, further balancing the market. Last month recorded 20.7 percent more new listings than July 2023. Total inventory is up 39.1 percent this July compared to last July. Residential sales are 5 percent lower July to July. The composite value of all properties is down 0.8 percent year to year.
From June to July the graph shows a dip of 2.8 percent in prices for attached units in Metro Vancouver. Last month compared to July 2023, the benchmark townhouse price is up 1.4 percent. Year to year townhouse sales volume decreases 6.2 percent.
Vancouver west townhouse prices are one percent lower from July to July. Attached unit sales rise 16 percent year to year. Townhome inventory is up 16.7 percent this July versus last July.
From June to July west side attached sales decrease 13.6 percent. Month to month, Vancouver west attached inventory is down 14.5 percent.