Vancouver Real Estate: July 2019 Report

The month of July, a usually a quieter month in real estate, was the second-highest selling month of this year until August. The Real Estate Board of Greater Vancouver (REBGV) stated that the home sales in the state were approximately 2,557 in July 2019. Which shows a 23.5% increase from July 2018, and a 23.1% increase from the 2,077 homes sold in June 2019.

The real estate sales in July were 7.8% below the 10-year July sales average. It was seen that even though the Vancouver real estate property selling remained less as per the longtime standard, there was an increase in July in comparison to the spring. People buying houses/real estate now may profit from the interest rates increased options and reduced prices to the previous market process boom. Many realtors are in business in this duration.

Apartments

It was registered that 4,613 apartments (detached and attached) were listed for the real estate property sale through the multiple listing service in Vancouver, on July 2019. This characterizes a 3.3% decrease in real estate sale listing, to the 4,770 homes listed in July 2018 and a 2.9% reduction compared to June 2019 when 4,751 homes were listed. Vancouver realtors stated a high boom in businesses during this period.

Homes

The accumulated number of homes currently listed for sale on the MLS system in Metro Vancouver is 14,240, which is a 17.3% increase to July 2018 (12,137) and a 4.95 decrease compared to June 2019 (14,968).

For all types of properties, the active listings ratio for July 2019 is 18%.

Analysis

Analysts claim that the downward trend on real estate prices occurs when the ratio falls below 12% for a consecutive period. Whereas, real estate prices often face upward effect when it passes 20% for a few months.

There were 637 sales for detached apartments listed in July 2018. The steady price for these apartment properties is for $1,417,000. This illustrates a 10.5% fall from July 2018, and a 0.5% decrease compared to June 2019.