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Metro Vancouver real estate market levelling out, demand remains high

Last Updated Aug 4, 2021 at 9:27 pm PDT

FILE -- A real estate sold sign is shown outside a house in Vancouver, Tuesday, Jan.3, 2017. THE CANADIAN PRESS/Jonathan Hayward
Summary

Sales in July dropped off 12 percent compared with June, according to the Real Estate Board of Greater Vancouver

July was by no means a slow month, however, with more than 3000 sales, well above the 10-year average

VANCOUVER (NEWS 1130) — It’s been a hot stretch for home sales in Metro Vancouver during the pandemic but the latest numbers point to a more moderate market.

Sales in July dropped off 12 percent compared with June, according to the Real Estate Board of Greater Vancouver (REBGV)

“Moderation was the name of the game in July. 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,” says Keith Stewart, REBGV economist in a statement.

RELATED: B.C. demand for detached homes driving up prices across province: expert

It was by no means a slow month, however, with more than 3000 sales — which is well above the 10-year average.

“Low housing supply remains a fundamental factor in Metro Vancouver’s housing market,” Stewart continues.

“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 composite benchmark price for residential properties in the region was $1,175,500, which was up 13.8 per cent compared to July 2020 but the same as in June of 2021. Townhouses sold the swiftest, with properties being on the market for an average of 20 days. For detached homes, the average was 30.