July 2019 Greater Vancouver Real Estate Market Update

Summer sales are happening in Vancouver!

Demand for greater Vancouver homes increased since last month and despite July being a usual quieter month in Vancouver, July 2019 has been the second highest selling month for the year. The Real Estate Board of Greater Vancouver (REBGV) reports that there were 2,557 residential home sales in Greater Vancouver and sales for July 2019 have increased by 23.1% since last month.

Did you miss the stats for last month? Check them out here.

July 2019 sales increase compared to July of last year.

Residential home sales increased by 23.5% compared to the 2,070 sales recorded for July 2018.

Inventory of homes decrease.

A total of 4,613 detached, attached and apartment properties were newly listed for the month of July. This is a 3.3% decrease compared to the 4,770 homes listed July 2018. As well as a 4.9% decrease compared to June 2019’s 4,751 properties listed.

The total number of homes currently listed according to REBGV is 14,240. This is a decrease compared to June 2019 which at the time had 14,968 properties listed.

The benchmark price of homes in Vancouver decreases a bit.

The MLS® Home Price Index composite benchmark price for residential properties in Metro Vancouver is currently $995,200. This is a 9.4 per cent decrease over July 2018 and a 0.3 per cent decrease compared to June 2019.

Detached, attached and condo sales for June 2019.

Sales of detached homes in July 2019 reached 841, a 32 per cent increase from the 637 detached sales recorded in July 2018. The benchmark price for detached properties is $1,417,000. This represents a 10.5 per cent decrease from July 2018, and a 0.5 per cent decrease compared to June 2019.

Attached home sales in July 2019 totaled 473, a 33.6 per cent increase compared to the 354 sales in July 2018. The benchmark price of an attached unit is $770,000. This represents a nine per cent decrease from July 2018, and a 0.6 per cent decrease compared to June 2019.

Sales of apartment homes reached 1,243 in July 2019, a 15.2 per cent increase compared to the 1,079 sales in July 2018. The benchmark price of an apartment property is $653,200. This represents an 8.8 per cent decrease from July 2018, and a 0.2 per cent decrease compared to June 2019.

How many homes sold in Vancouver for July 2019?

All together Vancouver saw the sale of 763 homes sold for the month of July 2019. In July, Vancouver East had a total of 274 homes sold, while Vancouver West saw the sale of 489 homes.

Vancouver’s single family detached homes.

In July, Vancouver West sold 79 detached homes. The benchmark price for the month of $2,895,400 having a 0.6% decrease from June 2019. The median price for the month is $3,025,000.

There were a total of 104 sales for detached homes in Vancouver East.
$1,352,800 is the benchmark price for the month of July. This was 0.2% increase from the previous month. The median price for Vancouver East for the month is $1,355,000.

Vancouver’s condo market.

Vancouver West had a total of 352 sales for condo properties. The July 2019 benchmark price for Vancouver West’s apartments is $752,300, a 1.1% increase from June 2019. The median price for the month is $750,000.

In Vancouver East there are a total of 128 apartment properties sold for the month of July. $550,600 is the benchmark price for June 2019 which decreased by 0.6% compared to last month. $564,850 is the median price for the month.

The attached market for Vancouver

In Vancouver West there were 58 sales for attached properties. July’s benchmark price for townhomes for July 2019 is $1,114,700. This decreased by 1.0% since June 2019.

Vancouver East had a total of 42 sales for the month. The benchmark price for Vancouver East’s townhouse market is $847,400, which is a decrease by 1.6% compared to last month.

How many homes sold in Burnaby for July 2019?

Burnaby had a total of 298 homes sold for the month.

Burnaby’s single family detached homes.

Burnaby’s detached market saw 77 detached homes sell for the month of July. The median price being $1,475,000.

The benchmark price for Burnaby North single family homes is $1,373,400, this is a decrease of 1.9% compared to the previous month. Burnaby South also decreased by 1.3% to a benchmark price of $1,477,300. Burnaby East’s benchmark price was $1,181,900, an increase of 0.1%.

Burnaby’s condo market.

July’s market sold 164 apartment homes in Burnaby. With $569,000 being the median price for the month.

North Burnaby’s benchmark price for condos $609,500 and increased by 0.3% compared to last month. Burnaby South had a benchmark price $653,500 and decreased by 1.9%. East Burnaby’s benchmark price for July is $721,200 and decreased by 2.0% since June.

Burnaby’s attached market.

In July a total of 57 attached homes sold in Burnaby for the month. The median price being $720,000.

Townhouses in Burnaby North had a benchmark price of $723,100 and is a decrease of 0.3% compared to the previous month. Burnaby South’s townhomes benchmark price for July 2019 is $653,500 and is a decrease of 0.3% compares the June 2019. East Burnaby townhomes increased by 0.6% in July to a benchmark price of $648,400.