Vancouver witnesses lower home sales and slight increase in prices

The number of homes went down in July, 2017 for Metro Vancouver in comparison to the same period last year. However, prices still went up marginally as per the information released by the British Columbia Real Estate Association on the 14th of August, 2017. 3, 012 homes were sold in the entire region which represents a fall of 8.8% in sales in comparison to 3, 301 homes sold in July, 2016. Prices have increased by 2.2% on a year-on-year basis and the average has touched $1,029,786.

Prices have gone up across all regions in the province in July, 2017. The highest increase was witnessed in Vancouver Island where prices went up by a whopping 18%, touching $452, 353 as an average. In Victoria, the average prices went up by 11% to stand at $644, 510. Other big price increases were witnessed in South Okanagan where they went up by 9.5% to stand at $415, 720 and also in Kamloops where they touched $367, 303 and increased by 8.1%.

According to experts, strong economic progress backed by an increasing population and the lack of overall housing supply continued driving home prices and sales. However, sales have shown signs of recovering with the number of active listings steadily recovering after a 20-year slump. In case these trends continue to be witnessed, experts feel that Vancouver may transform into a balanced real estate market by the end of the year. On a province-wise basis, the number of units sold went down by 6.3% on a year-over-year basis with 9, 275 units sold for July, 2017 as per reports.

Repeat home sales also went up by 7.8% in July, 2017 and increased by 8.56% on a year-over-year basis across the Metro Vancouver region as per reports. This growth was lower than the national average which touched 14.17%. The increase was majorly driven nation-wide by skyrocketing repeat home sales in Toronto. However, growth in Toronto has slowed down since prices are going down for non-condo properties.