Karen Tsao | 604-422-0855

Greater Vancouver Housing Market Update for July 2019

Greater Vancouver Housing Market Update for July 2019

Summary:  Metro Vancouver home sales increased 23.1% from the month of June, making July the second highest selling month this year with 2,557 homes sold.  May 2019 was the highest selling month so far this year with 2,638 homes sold.  Right now home buyers can benefit from lower mortgage interest rates, more selection of homes to choose from and reduced prices.  However, market conditions still vary depending on property type and neighborhood. 

Housing Market Condition: Housing market condition and pricing can vary depending on area and property type so please consult me for your area of interest. Generally analysts say that a buyer’s market condition occurs when the sales ratio is 12% or less.  Balanced market occurs when the ratio is between 13% and 20%. Seller’s market occurs when the ratio is 21% or more.  
  • All Properties: Balanced market with a sales ratio of 18%.
  • Detached House: Buyer's/Balanced market with a sales ratio of %.13.5%.
  • Townhouse:  Balanced market with a sales ratio of 20%.
  • Apartment:  Balanced/Seller's market with a sales ratio of 22%
Residential Sales
  • Total 2,557 residential sales in July 2019.
  • 23.1% decrease compared to June 2019. 
  • 23.5% increase compared to July 2018.
New Listings
  • Total 4,613 residential new listings in July 2019.
  • 2.9% decrease compared to June 2019.
  • 3.3% decrease compared to July 2018.
Total Number of Listings
  • Total 14,240 residential listings on the MLS® in July 2019.
  • 4.9% decrease compared to June 2019.
  • 17.3% increase compared to July 2018.
Home Benchmark Price:  Home benchmark price represents estimated sale price of a benchmark property.  Benchmark property represents a typical property within each market. 
  • Detached House: Benchmark price decrease 10.5% from July 2018 to $1,417,000.
  • Townhouse: Benchmark price decrease 9% from July 2018 to $770,000.
  • Apartment: Benchmark price decrease 8.8% from July 2018 to $653,200.
Average Days on Market
  • Detached House: July 2019, 48 days. July 2018, 47 days. July 2017, 34 days.
  • Townhouse:  July 2019, 41 days. July 2018, 27 days. July 2017, 20 days.
  • Apartment:  July 2019, 37 days. July 2018, 24 days. July 2017, 17 days.
Download the complete stats package here.
  
Karen Tsao
Cell:604-422-0855
Office:604-602-1111
RE/MAX Crest Realty
1428 West 7th Avenue
Vancouver, BC
V6H 1C1 CA
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.