July 2018 Greater Vancouver Real Estate Market Update
Dan Wurtele
Living in Vancouver for the past 26 years it has been exciting to watch it grow into one of the most desirable cities in the world...
Living in Vancouver for the past 26 years it has been exciting to watch it grow into one of the most desirable cities in the world...
Greater Vancouver Real Estate sales have greatly declined over the past 5 months.
July saw a 37.7% decrease in sales volume compared to July 2017.
This followed similar decreases in June at 37%, May at 35%, April at 27% and March at 30%.
New Real Estate taxes, stress tests, rising interest rates and high prices are among the factors dampening recent home buyer activity.
Of the homes that are selling, around 80% of them are under the $800,000 price point.
Pre Sales continue an above average sale rate with a 65% sale rate in July.
Low rise wood frame buildings in the Fraser Valley lead the way in sales.
Overall, inventory is at a 3 to 5 year high.
As a buyer, you have more supply to choose from than you've had in over 3 years. The higher the price point you are looking at, the more likely it is you can negotiate on price and favourable terms.
As a seller, make sure you are working with a professional Realtor who knows how to market your home extensively to maximize its exposure. Some properties are still selling in the first week in multiple offers. Work with someone who can help get the results you are looking for.
Breaking It Down By Housing Type
DETACHED HOMES
Sales of detached properties in July 2018 reached 651, a -31.3% decrease from July 2017. The benchmark price for detached properties is $1,588,400. This represents an -1.5% decrease from July 2017.
TOWNHOMES
Sales of Townhomes in July 2018 reached 314, a -37.1% decrease from July 2017. The benchmark price for detached properties is $856,-000. This represents an +12.1% increase from July 2017.
CONDOS
Sales of Condos in July 2018 reached 1,084, a -26.1% decrease from July 2017. The benchmark price for condo properties is $700,500. This represents an +13.6% increase from July 2017.
