Steady Sales, Reduced Listings, Unchanging Prices. Metro Vancouver’s* housing market saw more moderate sales, listings and pricing trends in July. Compared to the heightened activity experienced throughout much of the pandemic. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 3,326 in July 2021. A 6.3 per cent increase from the 3,128 sales recorded in July 2020, and an 11.6 per cent decrease from the 3,762 homes sold in June 2021.
Last month’s sales were 13.3 per cent above the 10-year July sales average.
Moderation was the name of the game in July,” said REBGV’s economist Keith Stewart. “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 leveled off in most areas and home types.”
July’s new listings were 12.3 per cent below the 10-year average for the month.
“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.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,500. This represents a 13.8 per cent increase over July 2020 and is unchanged from June 2021.
Metro Vancouver sees steady, calmer pace for the Summer Season.
While still elevated, home sale and listing activity in Metro Vancouver’s* housing market has eased back from the record-setting pace seen in March and April of this year.
Last month’s sales were 18.4 per cent above the 10-year June sales average.
“Metro Vancouver’s housing market continues to experience strong seller’s market conditions. Although the intensity of demand has eased to a steady calmer pace, from what we saw throughout most of the spring,” Keith Stewart, REBGV economist said. “The past two months have shown a market that’s shifting toward more historically typical conditions.”
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,839. A 5.1 per cent decrease compared to June 2020 (11,424). A 1.2 per cent decrease compared to May 2021 (10,970).
“With low interest rates, a growing economy, and an improving job market, the Metro Vancouver housing market continues to enjoy solid economic fundamentals,” Stewart said. “We’re now seeing a market that’s beginning to normalize from the torrid pace in the spring. This is making multiple offers less common, allowing subjects to be seen on offers more frequently again, and is making new price records less likely.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,100. This represents a 14.5 per cent increase over June 2020 and a 0.2 per cent increase compared to May 2021.
