Home sales rebound across Metro Vancouver region in July: REBGV

Unit sales exceeded the 10-year July sales average by almost 10%

Photo: Dan Toulgoet

A total of 3,128 homes changed hands across Metro Vancouver in July, which represents an increase of 22.3% compared with the 2,557 sales in the same month last year, according to new data from the Real Estate Board of Greater Vancouver (REBGV).

This is also a 28% increase compared with June 2020’s 2,443 sales and is 9.4% above the 10-year sales average for the month of July.

The average sales price was $1,031,400, which is up 4.5% year-over-year.

“We're seeing the results today of pent up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year,” said Colette Gerber, chair of the REBGV. 

“Low interest rates and limited overall supply are also increasing competition across our market.”

Detached homes saw the biggest percentage increase compared with other home types in terms of unit sales. A total of 1,121 homes were sold in the month, which is a year-over-year increase of 33.3%. The average detached home sold for $1,477,800, an increase of 5% compared with July 2019. 

The average sale price for apartments was $682,500, which is up 4.2% over the year. Unit sales grew 12.6% to 1,400.

Attached homes, on average sold for $797,700, which is an increase of 3.7% year-over-year. The number of unit sales reached 607, which is a 28.3% jump compared with July 2019.

REBGV data includes sales and 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.