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July home sales down, listings up: REBGV

(iStock image)

Sales last month were nearly one per cent below the 10-year sales average for July

It's been exactly one year since the foreign buyers tax was implemented

VANCOUVER (NEWS 1130) – It looks like more people may have been interested in putting their home up for sale last month, rather than buying a new one.

The Real Estate Board of Greater Vancouver says residential property sales in the region totalled 2,960 in July of this year, that’s an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.

The board says last month’s sales were 0.7 per cent above the 10-year July sales average.

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” explains REBGV President Jill Oudil. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

The benchmark price for detached properties in the area is about $1.612 million, for attached properties $763,700 and for apartments $616,600.

There were 5,256 detached, attached and apartment properties put up on the sales block last month which is 0.3 per cent jump compared to the 5,241 homes listed in July 2016 and an 8.1 per cent decrease compared to June 2017. “Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” says Oudil.

Today also marks exactly one year since the former BC Liberal government introduced a 15 per cent foreign buyers tax to help cool the housing market. The new NDP government has already said it’s going to review the levy to see if other measures were effective.