August 2019 Vancouver Real Estate Market Update
Housing Market Sees Uptick In Summer Sales
Home buyer activity increased to more typical levels in Metro Vancouver throughout the summer months.
Residential home sales in the region totalled 2,231 in August 2019, a 15.7% increase from the 1,929 sales recorded in August 2018, and a 12.7% decrease from the 2,557 homes sold in July 2019.
Last month’s sales were 9.2% below the 10-year August sales average.
The total number of homes currently listed for sale is 13,396, a 13.3% increase compared to August 2018 (11,824) and a 5.9% decrease compared to July 2019 (14,240).
For all property types, the sales-to-active listings ratio for August 2019 is 16.7%. This is considered a Balanced Market.
By property type, the ratio is 12% for detached homes, 18.4% for townhomes, and 21.2% for apartments.
The benchmark price for all residential properties in Metro Vancouver is currently $993,300. This represents an 8.3% decrease over August 2018 and a 0.2% decrease compared to July 2019.
Sales of detached homes in August 2019 reached 706, a 24.5% increase from the 567 detached sales recorded in August 2018. The benchmark price for detached homes is $1,406,700. This represents a 9.8% decrease from August 2018 and a 0.7% decrease compared to July 2019.
Sales of apartment homes reached 1,116 in August 2019, an 8.9% increase compared to the 1,025 sales in August 2018. The benchmark price of an apartment property is $771,000. This represents a 7.4% decrease from August 2018 and a 0.1% increase compared to July 2019.
Attached home sales in August 2019 totalled 409, a 21.4% increase compared to the 337 sales in August 2018. The benchmark price of an attached unit is $654,000. This represents a 7.8% decrease from August 2018, a 0.2% increase compared to July 2019.
Focusing in on the Vancouver West area (from Downtown to Marpole, and everything West of Ontario St.) we see the Detached market Average Price down 12% from August 2018, Townhomes down 6.7% and Condo's were down 8.4%
Breaking It Down By Housing Type
Sales of detached properties in August 2019 reached 80, a 3.4% increase from August 2018. The benchmark price for detached properties is $2,880,800. This represents an 12% decrease from August 2018.
Sales of Townhomes in August 2019 reached 367, a 9.1% increase from August 2018. The benchmark price for Townhome is $1,115,700. This represents an 6.7% decrease from August 2018.
Sales of Condos in August 2019 reached 314, a 13.8% increase from August 2018. The benchmark price for condo properties is $756,000. This represents a 8.4% decease from August 2018.