Vancouver condos squeezed out another gain, despite prices reaching dizzying heights. Numbers from the Real Estate Board of Greater Vancouver (REBGV) show that despite lower sales, and higher inventory – prices are still climbing. Although price growth is substantially lower than the same time last year.
Condo Prices Are Up Over 18.5%
The price of a condo continued to rise in the Greater Vancouver Region (RVR). REBGV reported a benchmark price, the price of a typical condo, of $616,600 for July, a 2.64% increase from the month before. This represents an 18.5% increase from the same month last year. The annual increase is the highest seen since November 2016, and is roughly 30% lower than the annual growth observed the same month last year.
Condos also posted gains for the average sale price according to REBGV. The average sale price in July was $664,944, a 1.29% increase from the month before. This also represents a 15.89% increase from the same month last year. Condos prices are higher anyway you cut it.
Condo Listings Are Up Over 5%
The number of listings moved lower from the month before, but remain higher than last year. REBGV saw 2,160 condo listings in July, a 0.46% decrease from the month before. This is an increase of 5.52% from the same time last year.
Condo Sales Are Down Over 8%
The number of condo sales made a sharp decline. REBGV reported 1,468 condo sales in July, a 22.93% decline from the month before. This also represents an 8.36% decline from the same time last year. Before you stick to that monthly drop number, worth remembering Vancouver experiences a drop in sales from June to July. The same time last year saw a 24% decline, so the monthly decline in 2017 is slightly better. Although sales are still down from the same month last year.
Looks like doling out subprime loans to lower priced buyers is still seeing the most “affordable” segment of housing climb. Less sales and more listings typically lead to less pricing pressure, but that hasn’t been the case for some time in Vancouver. The annual price growth may be tapering, but it still remains one of the highest in the world.
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