Metro Vancouver’s summer real estate bump continued in August, with sales returning to “more typical levels” according to the Real Estate Board of Greater Vancouver (REBGV).
The real estate board's latest report shows that the GTV region has seen 2,231 sales in the month of August of 2019, this is up 15.7 per cent year-over-year, however this is down 12.7 per cent from July 2019.
July also had a year-over-year sales growth meaning this is the second month in a row of this happening, after over a full year of a terrible market.
The main reason behind the growth of august was because of the large amount in sales of detached homes, this unit has soared a 24.5 per cent year-over-year (August 2018), while condo sales climbed by 8.9 per cent year-over-year.
However, August’s sales total remained more than nine per cent below the 10-year sales average for the month.
Despite the boost in sales, inventory remains high in the region, with 12,296 homes on the market – up 13.3 per cent over August last year, though down 5.9 per cent from July. With this we can assume that the amount of houses will slowly decrease month-over-month as more homes are being sold then listed at the time being.
“With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” said REBGV president Ashley Smith in a media release.
Despite the stronger sales figures, prices in the region continued to slide.
The benchmark price for detached houses across the region was $1.4 million, according to the board, down 9.8 per cent from August last year, and down 0.7 per cent from July.
The dip in prices from August 2018 was led by Richmond (12.6 per cent), Vancouver’s west side (12 per cent), Vancouver’s east side and Coquitlam (11.4 per cent) and West Vancouver (11 per cent).
Out of every municipality, only Whistler and Squamish were the ones to see year-over-year price growth, at 7.9 and 5.6 per cent.
The benchmark price of a condo across the region was $771,000, down 7.4 year-over-year, and up 0.1 per cent from July.
The drop in prices from August 2018 was led by West Vancouver (11.3 per cent), east Burnaby (10.5 per cent), south Burnaby (9.6 per cent) and New Westminster (9 per cent).
As with detached homes, just Whistler (3.4 per cent) and Squamish (1.1 per cent) saw apartment price growth year over year.
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Summarized by: Onur Gul on instagram at @onurguldrone