Real estate market activity in Metro Vancouver exceeded historical levels in July.
Metro Vancouver includes: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
Over 3,100 home sales were registered by REALTORS in July. This is up +28% from last month and +22% increase over this time last year and +9.4% increase over the 10 year average for the month.
Looking at home seller supply we saw close to 6,000 newly listed for sale in July. That’s a +2.8% increase from last month, +29% increase from same month last year and +17% above the 10 year month average.
This increase market activity is a result of pent-up demand and had been accumulating in our market throughout the year. We can see this reflected in the total number of homes currently listed in Metro Vancouver which is -15% below this time last year.
This limited overall supply coupled with low interest rates is increasing competition across our market.
To better understand the balance between supply and demand in our market we look at the sales-to-active listing ratio. Learn more in the video below: