July 2018 Real Estate Stats and Info

Hello Everyone,
I hope you’re all staying cool during these hot summer days!
The heat also seems to have dampened the Metro Vancouver’s real estate market: July’s sales volume reached their lowest levels for the month since the year 2000. They were also 29.3% below the 10-year July sales average.
“With fewer buyers active in today’s market, we’re seeing less upward pressure on home prices across the region,” Phil Moore, REBGV president said. “This 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.”

While fewer new listings came on to the market compared to June 2018 and July 2017, the total number of properties currently listed for sale is actually up compared to June 2019 and July 2017. This is due to the lower sales volume recorded.

“Summer is traditionally a quieter time of year in real estate. This is particularly true this year,” Moore said. “With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being.”

While I don’t have a crystal ball, I think we’ll see a small uptick in sales as we move into the Autumn market, but not at the frantic pace we have seen the last couple years.
For Vancouver, here's the snapshot:

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