Home Sales Cooling in July

Metro Vancouver homes sales resembled more typical levels in July

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in July 2016 show a decrease of 26.7% compared to June 2016.

“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said.

“Home sale activity showed some moderating signs in late June and this carried into July,” Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.”

July-2016-2

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $930,400. This represents a 32.6% increase compared to July
2015.

  • Sales of detached properties in July 2016 see a decrease of 30.9% from the sales recorded in July 2015. The benchmark price for detached properties increased 38% from July 2015.
  • Sales of apartment properties in July 2016 see a decrease of 7.3% compared to the sales in July 2015.The benchmark price of an apartment property increased 27.4% from July 2015.
  • Attached property sales in July 2016 see a decrease of 20.7% compared to the sales in July 2015. The benchmark price of an attached unit increased 29.4% from July 2015.

Benchmark Price of detached homes in July 2016:

  • Burnaby East $1,250,400
  • Burnaby North $1,604,100
  • Burnaby South $1,710,300
  • Coquitlam $1,226,700
  • Ladner $1,033,400
  • Maple Ridge $705,900
  • New Westminster $1,098,400
  • North Vancouver $1,699,200
  • Pitt Meadows $767,200
  • Port Coquitlam $919,600
  • Port Moody $1,397,100
  • Richmond $1,717,100
  • Tsawwassen $1,269,700
  • Vancouver East $1,528,200
  • Vancouver West $3,591,200
  • West Vancouver $3,365,600

Source: Real Estate Board of Greater Vancouver

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