Housing demand was down across the region’s housing market in August, the Real Estate Board of Greater Vancouver (REBGV) announced September 5, with sales 25.2% below the 10-year average for the month.
A total of 1,929 homes were sold in August, which is down 36.6% compared with the same month last year.
“Homebuyers have been less active in recent months, and we are beginning to see prices edge down for all housing types as a result,” said REBGV president Phil Moore.
“Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years.”
Benchmark prices for all home types fell in August for the second month in a row. While the average price was up 4.1% year-over-year, it fell 1.9% compared with May, reaching $1,083,400.
Detached property sales dipped 37.1% over the year, with a total of 901 homes changing hands in August. The benchmark price dropped 3.1% over the same period, to $1,561,000. The number of apartment sales fell 36.5% to 1,025. The benchmark price for this home type increased 10.3% year-over-year and 1.6% compared with May. For attached property sales, 337 units changed hands, which was a 36.3% drop over the past 12 months. The benchmark price reached $846,100 – a 7.9% increase year-over-year and a 0.8% dip compared with May.
REBGV tracks sales and listing prices for Vancouver, West Vancouver, North Vancouver, Burnaby, New Westminster, Coquitlam, Port Coquitlam, Richmond, Port Moody, the Sunshine Coast, Whistler, Squamish, Pitt Meadows, Maple Ridge and South Delta. It does not include Langley or Surrey.
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