Greater Vancouver home sales slow down considerably in July

The Real Estate Board of Greater Vancouver has reported that residential property sales fell 45.2 percent in July 2010 over the same month a year ago.

July 2009 was the hottest sales period on record with 4,114 transactions. Last month, that fell to 2,255, according to the REBGV.

The July 2010 sales figure was 3.7 percent below the figure in July 2008, and 41.8 percent below the number in July 2007.

The benchmark price of detached properties in July 2010 was $793,193, which is 11.5 percent higher than the same month a year ago.

For attached properties, the benchmark price rose 8.6 percent over the previous year to reach $490,995.

The benchmark price for apartments rose 6.2 percent over the same period to $387,879.

Follow Charlie Smith on Twitter at twitter.com/csmithstraight.

Comments

5 Comments

Hu Gadarn

Aug 4, 2010 at 3:00pm

Here's how to respond the this article.

1. If you're a homeowner: say "oh well, I'm glad I bought when I did because prices will go up over the long-/ medium-term."; or,

2. if you're a renter then say "I knew it - the sky is falling!"

9 16Rating: -7

pippatch

Aug 4, 2010 at 9:15pm

Coould it be the HST??????

A Real Illusion

Aug 5, 2010 at 10:53am

My wife and I can't figure out how to raise $700,000 so that we can house our three kids properly. I guess that's why you see so many Vancouver families stuffed into tiny apartments, and mostly childless couples in the houses. It's all backwards in Vancouver. We make a decent income but it just isn't enough. People, when is enough, enough. Your flipping and investment homes are squashing regular people who just want a place to actually "live". When will this city slow-down enough to come back down to earth?

Rising real estate prices

Aug 5, 2010 at 2:18pm

The rush of sales is new home owners trying to beat those added interest rates and taxes which are set to rise again in the fall irregardless of the economy. Who wins? Land developers, banks, etc as a bubble is often baked to help cook up those prices which help pay for all those added costs because real estate is to hot to handle as homeowner is left in a rut over where to live on the planet that dosen't cost so much. It doesn't stop there as its hard to do business when you can't get a break as location, location leaves many a business owner is finding it hard to make a living in a land without any breaks.

Max

Aug 9, 2010 at 12:12pm

I'd like to see this become a trend, only then could it begin to push prices down. As the article points out, prices continue to rise despite the fall in sales. This decline in sales would have to go on for months to affect prices. Let's hope it does.