Vancouver real estate is seeing inventory hit a high for the year. Numbers from the Real Estate Board of Greater Vancouver (REBGV) show that a decline in sales is causing listings to build at a rapid rate. Despite soaring inventory, prices still climbed more than the Vancouver median family income year-over-year.
Prices Increased 2.1%
The benchmark price of composite homes, your typical Vancouver home, made a pretty big move higher. The composite price is now $1,019,400, a 2.1% increase from the month before. This represents a 9.57% increase from the same month last year, which works out to $89,000. The market may be cooling, but if you’re the median family – your house still likely made more than you. This is the first time the composite price has hit over a million.
Sales Decreased 23.97%
Sales are showing big declines, but the seasonal drop was smaller than the year before. July 2017 saw 2,960 sales, a 23.97% decline from the month before. This is 8.25% lower than the same month last year. The monthly drop seems huge, but there’s a seasonal drop this time of year in Vancouver. For a little context, the same period last year saw a 26.6% decrease.