Benchmark prices remain at a considerable high
Vancouver’s housing activity posted a slight decline in July amid reduced inventory and static elevated prices, according to the Real Estate Board of Greater Vancouver.
A total of 3,326 home sales took place in the market last month, representing a decline of 11.6% from June. This is despite this level being a 6.3% annual increase and 13.3% higher than the 10-year sales average for July, the REBGV said.
“Moderation was the name of the game in July,” said Keith Stewart, economist at the REBGV. “Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July. On top of moderating market activity, price growth has levelled off in most areas and home types.”
Read more: BC to see substantial boost in housing supply
The number of new listings dropped by 25.2% month over month, ending up at 4,377. This level was also 12.3% lower than the 10-year average for new listings in July.
Across all residential asset classes, the sales-to-active listings ratio last month was at 33.8%. The benchmark housing price throughout Metro Vancouver stood at around $1.175 million, having grown by 13.8% annually and remaining essentially flat from June 2021.
“Low housing supply remains a fundamental factor in Metro Vancouver’s housing market,” Stewart said. “Home sales remain above average and we’re starting to see price increases relent as well. Going forward, the supply of homes for sale will be among the most critical factors to watch. This will determine the next direction for house price trends.”
