Canada: Vancouver Home Sales Dip 5% in July Amid Rising Listings
July saw Vancouver home sales fall 5% to 2,333, while new listings surged 20% to 5,597, according to the latest real estate report.
In a rather curious turn of events, the Greater Vancouver Realtors have reported a five percent decline in home sales for the region compared to the same month last year. This decline comes despite a rather impressive surge in new listings, which skyrocketed by 20 percent. Last month, the market saw a total of 2,333 sales, while new listings reached a staggering 5,597.
Interestingly, the composite benchmark price for all residential properties in Metro Vancouver hovers around $1.2 million. This figure represents a modest decrease of 0.8 percent from both July 2023 and June 2024. One might wonder how such a price drop could occur in the face of a policy rate cut by the Bank of Canada and an influx of new inventory.
What’s even more perplexing is the observation that transaction levels are languishing below historical norms during the summer months, a time typically characterized by increased activity in the real estate market. It seems that even with the sun shining brightly, the Vancouver housing market is experiencing a bit of a summer slump.
Canada: Vancouver Home Sales Dip 5% in July Amid Rising Listings
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