News Release FOR IMMEDIATE RELEASE: Metro Vancouver sees fewer home sales and more listings in July VANCOUVER, BC – August 2, 2017 – Home buyer activity returned to more typical summer levels in Metro Vancouver* last month. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold. Last month’s sales were 0.7 per cent above the 10-year July sales average. “Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.” There were 5,256 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2017. This represents a 0.3 per cent increase compared to the 5,241 homes listed in July 2016 and an 8.1 per cent decrease compared to June 2017 when 5,721 homes were listed. The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,194, a 10.1 per cent increase compared to July 2016 (8,351) and an eight per cent increase compared to June 2017 (8,515). “Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” Oudil, said. For all property types, the sales-to-active listings ratio for July 2017 is 32.2 per cent. By property type, the ratio is 16.9 per cent for detached homes, 44.9 per cent for townhomes, and 62 per cent for condominiums. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,019,400. This represents an 8.7 per cent increase over July 2016 and a 2.1 per cent increase compared to June 2017. Sales of detached properties in July 2017 reached 949, a decrease of 11.9 per cent from the 1,077 detached sales recorded in July 2016. The benchmark price for detached properties is $1,612,400. This represents a 1.9 per cent increase from July 2016 and a 1.5 per cent increase compared to June 2017. Sales of apartment properties reached 1,468 in July 2017, a decrease of 8.4 per cent compared to the 1,602 sales in July 2016. The benchmark price of an apartment property is $616,600. This represents an 18.5 per cent increase from July 2016 and a 2.7 per cent increase compared to June 2017. Attached property sales in July 2017 totalled 543, a decrease of 0.7 per cent compared to the 547 sales in July 2016. The benchmark price of an attached unit is $763,700. This represents an 11.9 per cent increase from July 2016 and a 2.4 per cent increase compared to June 2017. -30- *Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta. The real estate industry is a key economic driver in British Columbia. In 2016, 39,943 homes changed ownership in the Board’s area, generating $2.5 billion in economic spin-off activity and an estimated 17,600 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $40 billion in 2016. The Real Estate Board of Greater Vancouver is an association representing more than 13,500 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org. For more information please contact: Craig Munn Manager, Communication Real Estate Board of Greater Vancouver 604.730.3146 [email protected] * July 2017 Benchmark Price 1 Month 3 Month 6 Month 1 Year 3 Year 5 Year 10 Year Property Type Area Price Index Change % Change % Change % Change % Change % Change % Change % Residential / Composite Lower Mainland $919,400 259.4 2.6% 7.4% 13.2% 10.3% 62.4% 65.3% 85.8% Greater Vancouver $1,019,400 266.5 2.1% 6.7% 12.5% 8.7% 60.5% 64.5% 90.8% Bowen Island $913,300 198.0 2.4% 4.0% 10.0% 15.2% 53.7% 52.0% 44.9% Burnaby East $941,200 261.8 2.6% 8.0% 12.5% 9.5% 57.3% 65.0% 87.1% Burnaby North $862,400 260.4 0.7% 4.5% 10.7% 9.3% 58.1% 64.7% 86.8% Burnaby South $976,100 275.7 2.0% 6.4% 11.0% 11.2% 63.3% 67.5% 99.1% Coquitlam $885,300 262.6 2.5% 7.8% 17.0% 11.8% 67.5% 73.8% 91.4% Ladner $846,800 237.7 2.7% 4.6% 7.2% 0.4% 54.7% 52.9% 77.7% Maple Ridge $651,000 218.9 3.2% 8.9% 13.5% 14.7% 63.4% 64.6% 62.3% New Westminster $629,400 269.8 4.6% 10.7% 17.5% 18.2% 64.7% 67.9% 86.2% North Vancouver $1,087,200 244.3 2.1% 6.7% 11.9% 6.1% 58.7% 64.0% 79.6% Pitt Meadows $632,100 231.2 2.4% 8.7% 13.1% 16.6% 60.1% 70.0% 65.6% Port Coquitlam $704,200 248.4 2.8% 9.6% 19.2% 14.9% 69.0% 72.0% 77.4% Port Moody $866,100 239.4 2.1% 7.3% 13.0% 12.5% 61.5% 69.4% 75.0% Richmond $966,500 282.2 1.9% 6.3% 11.4% 7.6% 61.0% 64.0% 104.5% Squamish $738,700 236.5 2.7% 1.9% 9.7% 18.7% 82.3% 84.9% 88.1% Sunshine Coast $567,400 198.8 1.8% 5.7% 12.1% 20.9% 59.3% 55.4% 45.9% Tsawwassen $987,100 247.9 2.9% 4.2% 8.3% -0.3% 60.8% 58.8% 83.9% Vancouver East $1,073,400 314.3 2.6% 7.5% 12.7% 8.8% 65.9% 73.4% 118.4% Vancouver West $1,344,000 283.4 1.2% 6.4% 12.7% 6.5% 57.7% 64.0% 97.8% West Vancouver $2,653,800 285.3 1.0% 5.3% 9.2% -4.2% 53.5% 63.1% 98.1% Whistler $842,800 185.3 3.4% 0.4% 7.8% 16.9% 73.8% 65.9% 50.7% Single Family Detached Lower Mainland $1,320,300 280.1 2.2% 6.7% 10.4% 4.6% 65.5% 70.6% 103.9% Greater Vancouver $1,612,400 296.3 1.5% 5.6% 9.0% 1.9% 63.5% 68.5% 114.4% Bowen Island $913,300 198.0 2.4% 4.0% 10.0% 15.2% 53.7% 52.0% 44.9% Burnaby East $1,286,100 287.6 2.1% 7.2% 11.8% 2.9% 62.5% 70.0% 109.3% Burnaby North $1,585,500 306.6 0.7% 3.8% 7.1% -1.2% 61.3% 71.1% 123.0% Burnaby South $1,718,600 329.0 -0.1% 5.3% 5.1% 0.5% 68.2% 72.0% 140.3% Coquitlam $1,276,500 283.3 1.6% 7.2% 15.2% 3.9% 69.8% 77.5% 108.6% Ladner $1,010,200 243.5 3.5% 4.3% 4.4% -2.2% 59.7% 58.2% 84.5% Maple Ridge $793,600 226.1 2.3% 8.3% 11.5% 12.4% 67.7% 71.7% 71.7% New Westminster $1,151,300 287.2 2.3% 6.6% 12.6% 5.1% 64.7% 68.7% 108.3% North Vancouver $1,716,800 268.5 1.6% 5.6% 8.5% 0.5% 67.6% 75.5% 99.9% Pitt Meadows $868,000 244.6 3.3% 9.1% 12.7% 13.1% 68.6% 75.5% 80.9% Port Coquitlam $995,400 265.4 0.5% 7.3% 19.0% 7.8% 72.7% 77.2% 95.9% Port Moody $1,446,300 267.1 0.1% 5.3% 7.7% 3.6% 61.1% 69.4% 94.8% Richmond $1,682,000 337.8 1.9% 5.0% 7.6% -1.7% 68.6% 70.4% 140.9% Squamish $970,100 247.6 2.4% 4.9% 14.3% 19.5% 78.8% 86.2% 95.7% Sunshine Coast $564,300 197.7 2.0% 6.0% 12.3% 20.8% 59.4% 55.2% 45.2% Tsawwassen $1,263,200 272.0 3.5% 5.0% 8.7% -0.5% 70.6% 71.0% 102.8% Vancouver East $1,561,700 345.2 1.8% 5.9% 8.4% 2.2% 67.7% 81.1% 149.1% Vancouver West $3,666,200 376.4 1.1% 4.9% 7.2% 2.1% 61.1% 68.8% 150.3% West Vancouver $3,180,000 300.2 1.7% 5.1% 8.4% -6.1% 54.7% 64.4% 109.1% Whistler $1,594,700 202.2 1.8% 4.5% 12.3% 17.8% 65.2% 66.1% 65.5% HOW TO READ THE TABLE: • Benchmark Price: Estimated sale price of a benchmark property.