The number of homes sold across Metro Vancouver were down in July compared with a year ago, but prices still inched upward, according to British Columbia Real Estate Association data released August 14.
A total of 3,012 homes changed hands in the month across the region, which is an 8.8% dip compared with the 3,301 homes sold in July 2016. Prices increased, however, with the average reaching $1,029,786. This is up 2.2% year-over-year.
Prices increased across all regions of the province in July. The biggest jump was seen on Vancouver Island, where prices increased 18% over the year, reaching an average of $452,353. In Victoria alone, the average price increased 11% to $644,510. Other large increases were seen in the South Okanagan region (up 9.5% to $415,720) and Kamloops (up 8.1% to $367,303).
“Strong economic growth, an expanding population base and a lack of supply continue to drive B.C. home sales and prices this summer,” said BCREA chief economist Cameron Muir. “However, home sales have edged back 4% since May, with active listings beginning to bounce back from a 20-year low.
“If these trends continue, it may signal that more balanced market conditions could emerge before the end of the year.”
Province-wide, the number of units sold fell 6.3% year-over-year, with a total of 9,275 units sold in the month.
Teranet sees repeat home sales climb in July
Repeat home sales jumped 7.8% in July and 8.56% year-over-year across Metro Vancouver, according to Teranet’s House Price Index. This measure examines price changes for repeat sales of single-family homes.
The year-over-year growth was below the national average increase of 14.17%. The increase Canada-wide was driven by growth in Toronto, but Teranet pointed out that city’s growth is slowing as prices for non-condo properties are falling.
Teranet’s figures differ from those published by the BCREA because Teranet only measures repeat sales of single-family homes.