News Release - Real Estate Board of Greater Vancouver
FOR IMMEDIATE RELEASE

Metro Vancouver homes sales resembled more
typical levels in July
VANCOUVER, BC – August 3th, 2016

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
the region totalled 3,226 in July 2016, a decrease of 18.9 per cent from the 3,978 sales recorded
in July 2015 and a decrease of 26.7 per cent compared to June 2016 when 4,400 homes sold.
This is the first time since January that home sales in the region have registered below 4,000 in a
month.

“After several months of record-breaking sales activity, home buyer demand returned to more
historically normal levels in July,” Dan Morrison, REBGV president said.

Last month’s sales were 6.5 per cent above the 10-year sales average for the month.

“Home sale activity showed some moderating signs in late June and this carried into July,”
Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of
more normal market trends.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,241
in July 2016. This represents a 2.5 per cent increase compared to the 5,112 units listed in July
2015 and a 10.8 per cent decrease compared to June 2016 when 5,875 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 8,351, a 27.4 per cent decline compared to July 2015 (11,505) and a 6.9 per cent increase
compared to June 2016 (7,812).

The sales-to-active listings ratio for July 2016 is 38.6 per cent. Generally, analysts say that
downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while
home prices experience upward pressure when it reaches the 20 to 22 per cent range in a
particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $930,400. This represents a 32.6 per cent increase compared to July
2015. 

Sales of detached properties in July 2016 reached 1,077, a decrease of 30.9 per cent from the
1,559 detached sales recorded in July 2015. The benchmark price for detached properties
increased 38 per cent from July 2015 to $1,578,300.

Sales of apartment properties reached 1,602 in July 2016, a decrease of 7.3 per cent compared to
the 1,729 sales in July 2015.The benchmark price of an apartment property increased 27.4 per
cent from July 2015 to $510,600.

Attached property sales in July 2016 totalled 547, a decrease of 20.7 per cent compared to the
690 sales in July 2015. The benchmark price of an attached unit increased 29.4 per cent from
July 2015 to $669,000

CLICK HERE to download the complete stats package.  (PDF\1.3 MB)

*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, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.