Home buyers continue to slightly outpace sellers, but not by much
VANCOUVER, B.C. – August 5, 2014 – The Greater Vancouver housing market continues to
see slightly elevated demand from home buyers, steady levels of supply from home sellers and
incremental gains in home values depending on the area and property type.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in July 2014. This
represents a 3.9 per cent increase compared to the 2,946 sales recorded in July 2013, and a 10.1
per cent decline compared to the 3,406 sales in June 2014.
“This is the fourth consecutive month that the Greater Vancouver market has exceeded 3,000
sales,” Darcy McLeod, REBGV president-elect said. “Prior to this, our market had not surpassed
the 3,000 sale mark since June of 2011.”
Last month’s sales were 3.8 per cent above the 10-year sales average for July of 2,948.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver* is currently $628,600. This represents a 4.4 per cent increase compared to July
“Today’s activity continues to put Metro Vancouver in the upper reaches of a balanced real
estate market,” McLeod said.
The sales-to-active-listings ratio currently sits at 19.6 per cent in Metro Vancouver. This ratio
has ranged between 18 and 20 per cent over the last four months.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,925
in July. This represents a 1.5 per cent increase compared to the 4,854 new listings in July 2013
and a 7.8 per cent decline from the 5,339 new listings in June.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 15,617, a six per cent decline compared to July 2013 and a 2.5 per cent decrease compared to
Sales of detached properties in July 2014 reached 1,322, an increase of 5.8 per cent from the
1,249 detached sales recorded in July 2013, and a 68 per cent increase from the 787 units sold in
July 2012. The benchmark price for detached properties increased 6.5 per cent from July 2013 to
Sales of apartment properties reached 1,212 in July 2014, an increase of 0.2 per cent compared to
the 1,210 sales in July 2013, and a 30.7 per cent increase compared to the 927 sales in July 2012.
The benchmark price of an apartment property increased 2.2 per cent from July 2013 to
Attached property sales in July 2014 totalled 527, an 8.2 per cent increase compared to the 487
sales in July 2013, and a 37.2 per cent increase over the 384 attached properties sold in July
2012. The benchmark price of an attached unit increased 3.4 per cent between July 2013 and
2014 to $472,400.
Take a look at the Greater Vancouver Real Estate Statistics for our local market, by following the
link here, and call me to discuss how this information is used for buying and selling homes in your
specific neighbourhood. You can reach me at 604-415-9800.