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August 2019 Real Estate Statistics – Vancouver MLS®

Metro Vancouver housing market sees summer uptick in sales

Home buyer activity increased to more typical levels in Metro Vancouver throughout the summer months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,231 in August 2019, a 15.7 per cent increase from the 1,929 sales recorded in August 2018, and a 12.7 per cent decrease from the 2,557 homes sold in July 2019.

Last month’s sales were 9.2 per cent below the 10-year August sales average.

“Home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,” said REBGV President Ashley Smith. 

There were 3,747 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2019. This represents a 3.5 per cent decrease compared to the 3,881 homes listed in August 2018 and an 18.8 per cent decrease compared to July 2019 when 4,613 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,396, a 13.3 per cent increase compared to August 2018 (11,824) and a 5.9 per cent decrease compared to July 2019 (14,240).

For all property types, the sales-to-active listings ratio for August 2019 is 16.7 per cent. By property type, the ratio is 12 per cent for detached homes, 18.4 per cent for townhomes, and 21.2 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” Smith said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $993,300. This represents an 8.3 per cent decrease over August 2018 and a 0.2 per cent decrease compared to July 2019.

Sales of detached homes in August 2019 reached 706, a 24.5 per cent increase from the 567 detached sales recorded in August 2018. The benchmark price for detached homes is $1,406,700. This represents a 9.8 per cent decrease from August 2018 and a 0.7 per cent decrease compared to July 2019.

Sales of apartment homes reached 1,116 in August 2019, an 8.9 per cent increase compared to the 1,025 sales in August 2018. The benchmark price of an apartment property is $771,000. This represents a 7.4 per cent decrease from August 2018 and a 0.1 per cent increase compared to July 2019.

Attached home sales in August 2019 totalled 409, a 21.4 per cent increase compared to the 337 sales in August 2018. The benchmark price of an attached unit is $654,000. This represents a 7.8 per cent decrease from August 2018, a 0.2 per cent increase compared to July 2019.

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MLS Listings in Vancouver BC

If you are looking to purchase Real Estate here in Vancouver, BC then you will no doubt encounter our Vancouver MLS® or Multiple Listing System as you browse for your next home or condo.

We realised several shortcomings with the current systems of Realtor.ca and Realtylink.org and we wanted to make a much more efficient search engine for everyone browsing the Vancouver MLS®. Our websites feature the latest properties, just like the above websites, however we have a much faster and intuitive search engine allowing potential home purchasers to find the properties they are looking for quicker, with less fuss. Check it out by visiting the home page and starting the search for your next Vancouver home!

In the mean time, you can check out these 5 common real estate myths in the first of our three part series that talks about 15 of the most common misconceptions about the Vancouver Real Estate Market.

Vancouver Real Estate Myths and Realities:

1.  B.C.’s recreational properties are being bought up by Albertans

Reality!

If we look back to 2007 we see that 94% of the property sales in BC were completed by BC residents, however if we examine the recreational market segment, which looks at Ski Chalets, Lakefront Homes, Cabins, Resort Condos (such as those in Osoyoos, BC), Albertans were actually the largest purchaser of these types of properties when we compare where the property tax mailings were sent to.

During that same year, non residents of BC purchased a total of 9,375 vacation homes here in BC, valued at roughly $3.8bn! 60% of those were purchased by folks from Alberta, which accounts for $2.2bn and around 6,319 of those sales.

According to research Calgary residents were responsible for almost half of those Alberta purchases.

2.  My Vancouver MLS Listing property assessment tells me what my home is worth

Big Myth!

Many purchasers assume that the BC assessment of a MLS Listing is what the true value is, or what it should be purchased for, this is simply just not true.

When your assessment notice is mailed out to you on July 1st, it has the highest chance of being correct, but at this time of writing, that was nearly 12 months ago. If you were looking to sell, you could probably negotiate a higher price than that of your assessment.

Fact is, if you live in an older property your assessed value is likely to be further off than your real value that you could sell your property for, as the government calculates it using a computer formula, so if you have done a ton of updates to your home, these will not reflect on that value.

3.  Spring is the best time to list your home on the Vancouver MLS®

Reality!

If we look back on all land title records since 1993, then we see that the busiest months for sales are March through June. According to experts, the months that are the busiest for Home and Condos for sale differ slightly, condos are more likely to see action in March, April & June, however homes have the most activity from April through June.

If we see more sales, typically that means more buyers are out and about viewing homes, so there maybe some or more competing bids for your home!

To make sense of this, or with any questions, get in touch with us today by leaving a reply below.