I have changed my mind. The July Sales stats for Greater Vancouver single detached and condo sales are so spectacularly bad they deserve a brief update. All three major markers for single detached homes - sales, Benchmark and Average Sale Prices - fell across the board for the second straight month. July’s detached sales fell -16.8% month-over-month and those 637 sales stand -70.2% below peak (Mar 2016).
Detached active listings pulled back slightly in July, but with those dire sales the SALR fell to -9.9%. There's no obfuscating now, it’s definitely a Buyer’s Market for Greater Vancouver detached home sales. Big deal, detached home prices are still stratospheric for the average wage earner.
Greater Vancouver condo sales fell an additional -13.0% month-over-month. The REBGV dropped the Benchmark Sales Price for the first time in 18 months (Dec 2016) to $700,500 (-0.5%).
Condo active listings rose for the third straight month and stand at 3959 units. Slower sales with rising inventory brought the SALR down a further -6.1%. It’s still a Seller’s Market at 27.3%, but it is also the 4th straight month of falling ratios.
I will stick to my plan to post a major update for all tables and charts at the beginning of October after the September stats release. In August, I’ll aim for another brief update like this one.
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My first inclination was to moderate to avoid trolling; however, l'll now take a wait and see attitude. Comments will appear as soon as published. If I start seeing garbage comments, I'll flick the switch and return to moderating. Skook