Vancouver residential real estate sales up 40 per cent in July

Residential real estate sales in Vancouver were up 40 per cent in July, compared to the same month last year, according to the Real Estate Board of Greater Vancouver.

The board reported 2,946 sales on the Multiple Listing Service last month, up from 2,098 last year and an 11.5 per cent increase from June.

“Demand has strengthened in our market in the last few months, which can, in part, be attributed to pent-up demand from the slowdown in sales activity we saw at the end of last year,” Sandra Wyant, REBGV president said in a release.

New listings for detached and attached homes, as well as apartments saw a slight 1.1 per cent jump from last year.

However, while the number of homes sold is up, the total number of listings is down. The numbers of properties currently listed for sale is 16, 618, down eight per cent from last year.

The benchmark price for residential properties is currently $601,900, the REBGV said, which is down 2.3 per cent from last year, but up 2.3 per cent from the last six months.

The average price for a detached home sits at $920,500, an apartment is $368,300 and attached properties average $456,700.

“Home prices continue to experience considerable stability with minimal fluctuation throughout much of this year,” Wyant said. “This stability in price brings greater certainty to the home buying and selling process.”