Realtors with the Real Estate Board of Greater Vancouver last month sold nearly half less than what they did at the peak of the market this year.
Home sales plunged 41.6 percent in July 2021 compared to the record number made in March, when listings were going like hotcakes.
But there’s a kicker.
In the face of declining sales, the price of a typical home in the region served by the REBGV increased 4.6 percent in July compared to March.
A total of 3,326 homes were sold last month, a sizable drop from March 2021 record of 5,703 deals.
Compared to the 3,762 homes sold in June 2021, last month represented an 11.6 percent decrease.
As for prices, the composite benchmark price of all residential properties in the region stood at $1,175,500 in July 2021.
Last month’s typical price marks a 4.6 percent increase from $1,123,300 when the market peaked in March this year.
In addition, the July price was unchanged from June this year.
REBGV economist Keith Stewart said in a board release Wednesday (August 4) that home sales and listings “fell in line with typical seasonal patterns as summer got going in earnest in July”.
“Moderation was the name of the game in July,” Keith Stewart noted.
The total number of homes available for sale dropped in July.
Last month’s listings numbered 9,850, an 18.5 percent decrease compared to July 2020 (12,083) and a 9.1 percent decrease compared to June 2021 (10,839).
“Going forward, the supply of homes for sale will be among the most critical factors to watch,” Stewart said.
The REBGV economist added that the state of listings will “determine the next direction for house price trends”.
In addition to Vancouver, the board covers Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, West Vancouver, and Whistler.