Metro Vancouver's housing market saw more moderate sales, listings and pricing trends in July compared to the heightened activity experienced throughout much of the pandemic.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,326 in July 2021, a 6.3% increase from the 3,128 sales recorded in July 2020, and an 11.6% decrease from the 3,762 homes sold in June 2021.
Last month's sales were 13.3% above the 10-year July sales average.
"Moderation was the name of the game in July," said REBGV's economist Keith Stewart. "Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July. On top of moderating market activity, price growth has leveled off in most areas and home types."
There were 4,377 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2021. This represents a 26.4% decrease compared to the 5,948 homes listed in July 2020 and a 25.2% decrease compared to June 2021 when 5,849 homes were listed.
July's new listings were 12.3% below the 10-year average for the month.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,850, down 18.5% compared to July 2020 (12,083) and down 9.1% compared to June 2021 (10,839).
"Low housing supply remains a fundamental factor in Metro Vancouver's housing market," Stewart said. "Home sales remain above average and we're starting to see price increases relent as well. Going forward, the supply of homes for sale will be among the most critical factors to watch. This will determine the next direction for house price trends."
For all property types, the sales-to-active listings ratio for July 2021 is 33.8%. By property type, the ratio is 25.5% for detached homes, 47.8% for townhomes, and 37.3% for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,500. This represents a 13.8% increase over July 2020 and is unchanged from June 2021.
Sales of detached homes in July 2021 reached 1,050, down 6.3% from the 1,121 detached sales recorded in July 2020. The benchmark price for a detached home is $1,801,100. An increase of 21% from July 2020 and is unchanged from June 2021.
Sales of apartment homes reached 1,666 in July 2021, up 19% compared to the 1,400 sales in July 2020. The benchmark price of an apartment property is $736,900. An increase of 8.4% from July 2020 and a decrease of 0.1% compared to June 2021.
Attached home sales in July 2021 totalled 610, an increase of 0.5% compared to the 607 sales in July 2020. The benchmark price of an attached home is $949,400. An increase of 16.7% from July 2020 and a 0.3% increase compared to June 2021.