Bob Sethi, B.Comm | 604.273.2828

RSS

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

September 4th, 2019


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.


For more information bob@bobsethi.com 

Read

NEW September 2011 stats just out.  RE/MAX continues to dominate local markets with more sales per associate than any other company.  The following graph illustrates why you want a RE/MAX Realtor to help you buy or sell real estate in Richmond:
 
September 2011 RE/MAX Market Share
 
The importance of properly pricing your home for sale proves more important.  Only 12% of Richmond properties listed in September sold the same month (sell-through-rate) vs 25% of properties listed for sale in East Vancouver. 
 
September 2011 Sell Through Rate
 
Take advantage of market knowledge - call or email me to find out how to buy or sell your home faster and for more money in today's market:
 
Bob Sethi
RE/MAX Westcoast
604-273-2828
 
 
Read

September stats continue to show RE/MAX sells more homes in Richmond than any other company with a dominating 15.7% market share:
 
RE/MAX Market Share - August 2011
 
The following graph illustrates the Sell-Through-Rate, or the number of homes listed that sold in the month of August:
 
Sell through rate August 2011
 
Interested how this information can help you buy or sell a home?  Call/email today:
 
Bob Sethi
604-273-2828
 
 
Read
Categories:   | 2011 | 2018 | AB | Abbotsford | agricultural land reserve | Alberta | ALR | apartment | apartments | April | attached | August | B | Bank of Canada | BC | bc hydro | BC re | BC Real Estate | BC Real Estate Association | BCREA | benchmark | benchmark price | Bolivar Heights, North Surrey Real Estate | Brendon Ogmundson | Bridgeport RI | Bridgeport RI, Richmond Real Estate | Brighouse | Brighouse South | Brighouse South, Richmond Real Estate | Brighouse, Richmond | Brighouse, Richmond Real Estate | British Columbia | Broadmoor | Broadmoor, Richmond Real Estate | bubble | Burnaby East Real Estate | bursuries | buyer | buyers | buying selling investing mortgage home equity loan loan to value ratio | Cameron Muir | Canada | Central Interior | change | chba | cmhc | CMHC Goverment of Canada Line of Credit mortgage insurance amortization loan | condo | condominium | Conserative | december | detached | Downtown VW | Downtown VW, Vancouver West | East Burnaby | East Burnaby, Burnaby East Real Estate | East Cambie | East Cambie, Richmond Real Estate | East Vancouver Burnaby | economy | energy | Eugen Klein | families | first time homebuyer | First Time Homebuyers Tax Credit | Flaherty | fortis bc | Garden City | Garden City, Richmond Real Estate | GDP | Genworth | Government | grade 12 | grants | Granville, Richmond Real Estate | Greater | Greater Vancouver | Greater Vancover | gst | gvhba vancouver real estate peter simpson cmhc bob rennie bob ransford u.s. mainland china tsawwassen nimby banana nope delta lo | Hamilton RI | Hamilton RI, Richmond | harmonized tax | Harper | high density housing | home | home owner grant | home sales | house prices | housing | Housing Price Index | HPI | hst | Immigration | insurance | Interior | investment | Ironwood | Ironwood, Richmond | Ironwood, Richmond Real Estate | Kamloops | Kelowna | Kevin Falcon | Liberal | Lower Mainland | Mainland China | market | market share | May | McLennan | McLennan North | McLennan North, Richmond | McLennan North, Richmond Real Estate | McLennan, Richmond | McNair | McNair, Richmond | McNair, Richmond Real Estate | metro | Metro Vancouve | Metro Vancouver | Minister | minister of finance | Mission | MLS | mortgage | mortgage rules 2011 cmhc goverment of canada mortgage insurance housing market bank of canada income borrowing | multi family | MV RGS | N. Delta Real Estate | Nanaimo | NDP | new home taxes | New Westminster | New Westminster Real Estate | North | North Shore | North Surrey | North Surrey Real Estate | owners | Panorama Ridge, Surrey Real Estate | problem solvers | property | Province | Provincial Government | PST | PTT | Queen Mary Park Surrey | Queen Mary Park Surrey, Surrey | Queensborough | Queensborough, New Westminster | Queensborough, New Westminster Real Estate | rates | RE/MAX | RE/MAX Housing Barometer Report 2010 | Real Estate | real estate board | Real Estate Board of Greater Vancouver | Realtors | rebates | REBG | REBGV | reduce | referendum | Regional Growth Strategy | rental | residential property | Richmond | Richmond condo strata development project six storey wood frame | Richmond Real Estate | Riverdale RI | Riverdale RI, Richmond Real Estate | rules | sales | Sauder School of Business | Saunders | Saunders, Richmond | Saunders, Richmond Real Estate | say no | scholarship | Schools | Sea Island, Richmond Real Estate | sell through rates | seller | September | single family | solar | South Arm | South Arm, Richmond | South Arm, Richmond Real Estate | speculation tax | statisti | statistics | stats | Steveston North | Steveston North, Richmond | Steveston North, Richmond Real Estate | Steveston South | Steveston South, Richmond | Steveston South, Richmond Real Estate | summer | Sunshine Hills Woods | Sunshine Hills Woods, N. Delta Real Estate | Surrey | Surrey City Centre | Surrey Real Estate | tax deferment | taxes | terasen | threshold | towhomes | townhome | transition | Tsur Somerville | UBC | va | vancouver | vancouver real estate rebgv statistics buying selling average prices market conditions | Vancouver West | Victoria | water meter | West Cambie | West Cambie, Richmond Real Estate | West Coast | West Newton | West Newton, Surrey | West Newton, Surrey Real Estate | Western Canada | Westwind, Richmond Real Estate | Whalley | Whalley, North Surrey | Whalley, North Surrey Real Estate | WHL hockey RE/MAX | yvr
Bob Sethi, B.Comm
Office:604.273.2828
Fax:604.273.0685
RE/MAX Westcoast
#110-6086 Russ Baker Way
Richmond, BC
V7B 1B4 Canada

Why Sign Up?

  • Save your Listing Searches
  • Email Alerts on new Listings
  • See new listings sooner
  • Tag your Favourites for later

Already a Member?

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.