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Home Sales Taper In July

Summer started below recent averages in the Vancouver real estate market, and registered home sales were below 4,000 for the first time since January. The Real Estate Board of Greater Vancouver’s president Dan Morrison stated that after a record-breaking start to the year, home-buyer demand returned to more “normal” levels in-line with previous years.

“We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.” Morrison concluded, as July’s sales were still 6.5% above the 10-year sales average for the month. And with the recent introduction of the new BC Foreign Buyer’s Tax by the Canadian government, only time will tell what’s in store for the Vancouver market.

July 2016 By The Numbers:

New Listings (detached, attached, and apartment): 5,241
2.5% increase from July 2015
10.8% decrease from June 2016

Total Active listings on MLS®: 8,351
27.4% decline from July 2015
6.9% increase from June 2016

Sales-to-Active-Listings ratio: 38.6%

Benchmark price for all residential properties: $930,400
32.6% increase from July 2015

Benchmark price for a detached property is $1,578,300
38% increase from July 2015

Detached property sales totaled 1,077
30.9% decrease from July 2015

Benchmark price for an apartment property is $510,600
27.4% increase from July 2015

Apartment property sales totaled 1,602
7.3% decrease from July 2015

Benchmark price for an attached unit is $669,000
29.4% increase from July 2015

Attached property sales totaled 547
20.7% decrease from July 2015

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*REBGV Editor’s Note:  Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.