Karen Tsao | 604-422-0855

Greater Vancouver Housing Market Update for July 2018

Greater Vancouver Housing Market Update for July 2018

Summary:  July’s residential housing sales reached their lowest levels for that month since year 2000.  Last month’s sales were 29.3% below the 10-year July sales average.  Home buyer demand continues to decline in today's market, especially in the detached house market.  We are seeing less upward pressure on home prices across the region.  This summer is quieter time in real estate.  With increased mortgage rates and stricter lending requirements, buyers and sellers are taking a wait-and-see approach for the time being.

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 17.1%.
  • Detached House: Buyer's market with a sales ratio of 9.9%.
  • Townhouse:  Seller's market with a sales ratio of 20.2%.
  • Apartment:  Seller's market with a sales ratio of 27.3%
Residential Sales
  • Total 2,070 residential sales in July 2018. 
  • 14.6% decrease compared to June 2018. 
  • 30.1% decrease compared to July 2017.
New Listings
  • Total 4,770 residential new listings in July 2018.
  • 9.6% decrease compared to June 2018.
  • 9.2% decrease compared to July 2017.
Total Number of Listings
  • 12,137 Total residential listings on the MLS® in July 2018.
  • 1.6% increase compared to June 2018.
  • 32% increase compared to July 2017.
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 1.5% from July 2017 to $1,588,400.
  • Townhouse: Benchmark price increase 12.1% from July 2017 to $856,000.
  • Apartment: Benchmark price increase 13.6% from July 2017 to $700,500
Average Days on Market
  • Detached House: July 2018, 47 days. July 2017, 34 days. July 2016, 27 days.
  • Townhouse:  July 2018, 27 days. July 2017, 20 days. July 2016, 17 days.
  • Apartment:  July 2018, 24 days. July 2017, 17 days. July 2016, 22 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