{"id":9990,"date":"2018-08-02T11:11:06","date_gmt":"2018-08-02T18:11:06","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9990"},"modified":"2018-08-02T16:14:25","modified_gmt":"2018-08-02T23:14:25","slug":"housing-supply-up-demand-down-across-metro-vancouver","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/08\/housing-supply-up-demand-down-across-metro-vancouver\/","title":{"rendered":"Housing Supply Up, Demand Down Across Metro Vancouver"},"content":{"rendered":"<p style=\"text-align: justify;\">July\u2019s residential housing sales in Metro Vancouver reached their lowest levels for that month since the year 2000.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,070 in July 2018, a 30.1% decrease from the 2,960 sales recorded in July 2017, and a decrease of 14.6% compared to June 2018 when 2,425 homes sold.<\/p>\n<p style=\"text-align: justify;\">Last month\u2019s sales were 29.3% below the 10-year July sales average.<\/p>\n<p style=\"text-align: justify;\">\u201cWith fewer buyers active in today\u2019s market, we\u2019re seeing less upward pressure on home prices across the region,\u201d Phil Moore, REBGV president said. \u201cThis is most pronounced in the detached home market, but demand in the townhome and apartment markets is also relenting from the more frenetic pace experienced over the last few years.\u201d<\/p>\n<p style=\"text-align: justify;\">There were 4,770 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in July 2018. This represents a 9.2% decrease compared to the 5,256 homes listed in July 2017 and a 9.6% decrease compared to June 2018 when 5,279 homes were listed.<\/p>\n<p style=\"text-align: justify;\">The total number of properties currently listed for sale on the MLS\u00ae system in Metro Vancouver is 12,137, a 32% increase compared to July 2017 (9,194) and a 1.6% increase compared to June 2018 (11,947).<\/p>\n<p style=\"text-align: justify;\">\u201cSummer is traditionally a quieter time of year in real estate. This is particularly true this year,\u201d Moore said. \u201cWith increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being.\u201d<\/p>\n<p style=\"text-align: justify;\">For all property types, the sales-to-active listings ratio for July 2018 is 17.1%. By property type, the ratio is 9.9% for detached homes, 20.2% for townhomes, and 27.3% for condominiums.<\/p>\n<p style=\"text-align: justify;\">Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.<\/p>\n<p style=\"text-align: justify;\">The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,087,500. This represents a 6.7% increase over July 2017 and a 0.6% decrease compared to June 2018.<\/p>\n<p style=\"text-align: justify;\">Sales of detached properties in July 2018 reached 637, a decrease of 32.9% from the 949 detached sales recorded in July 2017. The benchmark price for detached properties is $1,588,400. This represents a 1.5% decrease from July 2017 and a 0.6% decrease compared to June 2018.<\/p>\n<p style=\"text-align: justify;\">Sales of apartment properties reached 1,079 in July 2018, a decrease of 26.5% compared to the 1,468 sales in July 2017. The benchmark price of an apartment property is $700,500. This represents a 13.6% increase from July 2017 and a 0.5% decrease compared to June 2018.<\/p>\n<p style=\"text-align: justify;\">Attached property sales in July 2018 totalled 354, a decrease of 34.8% compared to the 543 sales in July 2017. The benchmark price of an attached unit is $856,000. This represents a 12.1% increase from July 2017 and a 0.4% decrease compared to June 2018.<\/p>\n<p><a href=\"https:\/\/www.rebgv.org\/sites\/default\/files\/REBGV-Stats-Pkg-July-2018.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the full stats package.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>July\u2019s residential housing sales in Metro Vancouver reached their lowest levels for that month since the year 2000. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/08\/housing-supply-up-demand-down-across-metro-vancouver\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-9990","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Housing Supply Up, Demand Down Across Metro Vancouver &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/08\/housing-supply-up-demand-down-across-metro-vancouver\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Housing Supply Up, Demand Down Across Metro Vancouver &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"July\u2019s residential housing sales in Metro Vancouver reached their lowest levels for that month since the year 2000. 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