Home Sales Lose Brief Summer Momentum
Metro Vancouver home sales pulled back in July, reversing the broad year-over-year gains seen in June. At the same time, new listings also declined and overall inventory continued to gradually ease, keeping the market relatively balanced despite softer buyer demand.
MARKET TOTALS:
Sales – 2,061
▼9.8% YoY
▼18.6% vs 10-year average
New Listings – 4,991
▼11.5% YoY
≈ 10-year average
Total Active Listings – 16,476
▼4.0% YoY
▲26.8% vs 10-year average
Benchmark Prices:
Detached: $1,822,900 (▼7.0% YoY | ▼1.1% MoM)
Apartments: $688,000 (▼7.5% YoY | ▼1.0% MoM)
Townhomes: $1,030,400 (▼6.0% YoY | ▼1.5% MoM)
Market Ratios:
Detached: 10.5% (Buyer’s)
Apartments: 14.0% (Balanced)
Townhomes: 15.8% (Balanced)
Overall: 13.0%
💬 July showed that the stronger sales activity seen in June has yet to develop into a sustained market rebound. Sales fell nearly 10% from last year and remained well below the 10-year seasonal average. However, sellers are also becoming more restrained, with new listings down 11.5% and total inventory beginning to decline. For now, the market remains relatively balanced overall, but with benchmark prices continuing to edge lower, buyers still have negotiating power—particularly in the detached-home market.
📞 604-805-8885
📧 Bradley@BradleyWattum.com
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