The July real estate numbers for Metro Vancouver continues to deteriorate. The sales number for this past July is the lowest since year 2000. That means more homes were sold in the July just after the financial crisis. This is a 30.1% decrease from last year and 29.3% below the 10 year July average. And for the first time in a long time, the month over month benchmark price index for condos actually dropped.
The number of listing available has increased 32% compared to last July.
The sales-to-active listings ratio for July is lower than June’s for each property type. It is 9.9% for detached homes, 20.2% for townhomes and 27.3% for condominiums.
While between 12% and 20% is considered balanced, the price change over the past month seems to indicate a slowing market on all segments. The detached property benchmark price is down 0.6% over last month and actually down 1.5% when compared to a year ago. For attached properties is up 12.1% over the last 12 months, but down 0.4% over the last month. And the benchmark price for apartment properties are down 0.5% from last month!
CMHC recently released two publications that gives a pretty good analysis of the current real estate environment. You can find the full documents at CMHC.ca or you can visit my Facebook page to see the summary graphics by clicking HERE.
Alternative lending.ca help people by providing options beyond regular bank lending. We operate out of Vancouver, BC but can assist people in all of BC and selected locations in Alberta, Manitoba, Saskatchewan and Ontario.
