Metro Vancouver home sales were more than a third above the 10-year average in July, while the number of homes listed for sale continues to trend below recent years. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver* reached 3,978 on the Multiple Listing Service® (MLS®) in July 2015. This represents a 30 per cent increase compared to the 3,061 sales recorded in July 2014, and a decrease of 9.1 per cent compared to the 4,375 sales in June 2015.

Last month’s sales were 33.5 per cent above the 10-year sales average for the month.

“Today’s activity continues to benefit sellers as home buyers compete for the homes available for sale,” Darcy McLeod, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,112 in July. This represents a 3.8 per cent increase compared to the 4,925 new listings reported in July 2014.

The total number of properties currently listed for sale on the region’s MLS® is 11,505, a 26.3 per cent decline compared to July 2014 and a 5.5 per cent decline compared to June 2015.

"Much of today’s activity can be traced to strong consumer confidence, low interest rates, and a reduced supply of homes for sale.” McLeod said. “We have about 5,000 to 6,000 fewer homes for sale today than we've seen at this time of year over the last five to six years," 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $700,500. This represents an 11.2 per cent increase compared to July 2014.

With the sales-to-active-listings ratio at 34.6 per cent, the region remains in seller's market territory.

“Although there aren’t as many homes for sale today compared to recent years, home buyers continue to have a range of housing options, at different price points, to choose from across Metro Vancouver,” McLeod said. “The diversity of housing options is part of what’s driving today’s demand.”

Sales of detached properties in July 2015 reached 1,559, an increase of 17.9 per cent from the 1,322 detached sales recorded in July 2014, and a 24.8 per cent increase from the 1,249 units sold in July 2013. The benchmark price for a detached property in Metro Vancouver increased 16.2 per cent from July 2014 to $1,141,800.

Sales of apartment properties reached 1,729 in July 2015, an increase of 42.7 per cent compared to the 1,212 sales in July 2014, and an increase of 42.9 per cent compared to the 1,210 sales in July 2013. The benchmark price of an apartment property increased 5.9 per cent from July 2014 to $400,900.

Attached property sales in July 2015 totalled 690, an increase of 30.9 per cent compared to the 527 sales in July 2014, and a 41.7 per cent increase from the 487 attached properties sold in July 2013. The benchmark price of an attached unit increased 7.8 per cent between July 2014 and 2015 to $511,500.

 

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"Conditions today are being driven by low interest rates, a declining supply of detached homes, a growing population, a provincial economy that's outperforming the rest of Canada, pent-up demand from previous years and, perhaps most importantly, the fact that we live in a highly desirable region," McLeod said. "We're seeing a steady stream of new listings entering the market, but the overall number of homes for sale is not keeping up with buyer demand," McLeod said. 

The sales-to-active-listings ratio in June was 35.9%. This is the highest that ratio has been in Metro Vancouver since June 2006. A seller's market typically occurs when this ratio exceeds 20% for a sustained period of time. 

It continues to be a competitive spring market for Metro Vancouver home buyers. This competition continues to put upward pressure on home prices, particularly in the detached home market. 

The Real Estate Board of Greater Vancouver reports that residential property sales in Metro Vancouver reached 4,056 on the MLS in May 2015. This represents a 23.4% increase compared to sales in May 2014, and a decrease of 2.9% compared to 4,179 sales in April 2015.

Last month's sales were 16.7% above the 10-year sales average for the month. 

New listings for detached and apartment properties in Metro Vancouver totalled 5,641 in May. This represents a 5% decrease compared to the 5,936 new listings reported in May 2014. 

"While the supply of homes for sale remains below what's typical for this time of the year, our region continues to offer a diverse selection of housing options at different price points. The diversity within the housing stock is part of what's driving today's home sale activity" - REBGV. 


The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $684,400. This represents a 9.4% increase compared to May 2014. 

Sales of detached properties in May 2015 reached 1,723, an increase of 18.6% from the 1,453 detached sales in May 2014 and  42.2% increase from May 2013. The benchmark price for detached property in Metro Vancouver increased 14.1% from May 2014 to $1,104,900. 

Sales of apartment properties reached 1,600 in May 2015, an increase of 24.4% compared to May 2014, and an increase of 40.8% compared to May 2013. The benchmark price of an apartment property increased 4.6% from May 2014 to $396,900. 

Attached property sales in May 2015 totalled 733, an increase of 34% compared to May 204, and a 37.3% increase from May 2014. The benchmark price of an attached unit increased 6.4% between May 2014 and 2015 to $501,000.