Monthly Market Report
Be the first to know! Read our monthly housing market reports to get the most up-to-date statistics and to hear our perspective on what the latest buying and selling trends mean for you.
According to the Real Estate Board of Greater Vancouvers Housing Price Index (HPI), year over year benchmark prices for detached, attached and apartment properties have shown no change, in spite of a 20 per cent overall decline in the residential real estate market.
Bill Phillips, REBGV president, thinks that the current strength of the high-tech industry has transcended into the real estate industry. "Higher incomes in the technology field allow for strong home buying power, which is fuelling a new urban lifestyle."
BC Stats reports that high tech is growing in B.C. and two-thirds of the provinces high tech jobs are located within the Lower Mainland.
However, Phillips is cautious of the how long this trend will continue under the current government policies. "The active Realtor is concerned that the momentum spurred by the technology industry is unable to thrive in B.C.s poor economic climate."
Phillips concluded by saying, "We need a call to action from our provincial government, because their current policies are preventing B.C. from experiencing the industrial and economic growth that is happening in other provinces."
The July MLS® sales statistics reveal a decline in Greater Vancouver detached home sales of 16.2 per cent. July sales of 942 units were down 182 units from the same time last year. The HPI benchmark price showed no change and remains steady at $342,770.
The Board also reports that attached property sales dipped 10.3 per cent to 280 units from 312 units sold in July 1999. The benchmark price remains a stable $218,240.
Sales of apartment properties fell 190 units or 30.8 per cent in July compared to summertime housing activity experienced one year ago. July benchmark price also held constant at $159,260.