Name of the game was moderation this past July.
Metro Vancouver’s housing market saw more moderate sales, listings and pricing trend.
REALTOR®s registered 3,326 sales in July this year. That’s a +6 increase over last year and +13% over the 10 year average for the month.
On the supply side the Sellers listed 4,377 homes on MLS® last month which is down -26% compared to this time last year and -25% decrease from June 2021. This brings the total number of homes currently listed in our region to 9,850, a decrease of -18% to July 2020.
These buyer and seller activity changes are in line with typical seasonal patterns for summer.
On top of moderating market activity price growth has levelled off across most areas and home types. To understand these market condition relationships we look to the Sales-to-Active Listings Ratio. This ratio gives us a picture of supply and demand forces in play in the market which dictate price. In the ratio dips below <12% for a sustained period prices typically decline. When it surpasses >20% for a sustained period, prices typically increase.
July ended with a ratio at 34% for all property types which is a seller’s market. By property types, demand was pronounced in the townhome market, a trend we have been seeing for the past few months.
The MLS® HPI Benchmark Price for all housing types in Metro Vancouver was $1,175,500 in July 2021. This is up +14% over this time last year and virtually unchanged from last month (June 2021).
Looking towards the future low housing supply remains a fundamental factor
in Metro Vancouver housing market.
Homes sales are above average and we are starting
to see price increases relent as well.
Going forward the supply of homes for sale
will be among the most crucial factors to watch!
This will determine the next direction for house price trends.
For further housing market information specifically in
West Vancouver & North Vancouver
reach out to