Home Sales in Greater Vancouver Drop Five Percent
Greater Vancouver Realtors Release Monthly Report
August 2, 2024
Greater Vancouver Realtors (GVR) has released its latest monthly report, showing that home sales in the region dropped five percent last month from a year ago.
According to GVR, sales in the market totalled 2,333 last month, while new listings reached 4,967. The composite benchmark price for all residential properties in Metro Vancouver was approximately $1.2 million, a 0.5 percent decrease from the previous month.
"The market is still adjusting to the new mortgage stress test and rising interest rates," said GVR President Jonathan Hayward. "This has led to a decrease in demand, particularly for higher-priced homes."
The report also shows that the average sale price for a detached house in Metro Vancouver was $1.6 million, down slightly from the previous month. The average sale price for a condo apartment was $725,000, also slightly lower than the previous month.
Despite the decline in sales, GVR remains optimistic about the region's real estate market in the long term. "The fundamentals of the market are strong," said Hayward. "There is still a lot of demand for housing in Greater Vancouver, and we expect to see the market stabilize in the coming months."
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