Real Estate Board of Greater Vancouver reports sharply higher home sales in July

This occurred as the composite home-price index fell 9.9 percent from its peak in June 2018

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      There are finally some signs of life in what's been a moribund Vancouver housing market.

      The Real Estate Board of Greater Vancouver has reported a 23.5 percent increase in sales in July over the previous month.

      But the number of July transactions was still 7.8 percent below the 10-year average for this month.

      Sales went up on a month-to-month basis just as the REBGV's composite home-price index was falling 9.9 percent from its peak in June 2018.

      Back then, it was at $1,104,600. By July 2019, the HPI stood at $995,200 for all forms of residential real estate.

      According to REBGV statistics, the single-family HPI increased month-over-month in Burnaby East, Coquitlam, Port Moody, Squamish, Tsawwassen, Vancouver East, and Whistler.

      The REBGV does not include White Rock, North Delta, Surrey, and Langley, which are part of the Fraser Valley Real Estate Board.

      Housing-market analyst Victor Wong has tweeted that the HPI fell in most areas in the FVREB's jurisdiction, but rose on a month-by-month basis in North Surrey, Central Surrey, and Abbotsford.


      In the FVREB, the HPI has fallen 6.7 percent on a year-over-year basis.

      Whether that's a sign of the market bottoming out in southwestern B.C. remains an open question.

      "While home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced,” REBGV president Ashley Smith said. “Those looking to buy today continue to benefit from low interest rates, increased selection, and reduced prices compared to the heated market a few years ago.”

      Sales of detached homes in the REBGV were up 32 percent in July over the same month in 2018. But the benchmark price was down 10.5 percent to just over $1.4 million.

      The benchmark price for a condo in the REBGV fell 8.8 percent on an annual basis. However, sales volume rose by 15.2 percent over that period.

      For more July 2019 statistics, visit this link on the REBGV website.