Take a closer look at the July housing market statistics with REBGV Chair Colette Gerber.

Home buyer and seller activity in Metro Vancouver exceeded historical levels in July.

3,128 home sales in July 2020.
Up +28 from last month of June 2020.
+22% increase from same month last year (July 2019)
And +9.4% increase from the 10-year average for the month of July.

Supply:
There were 5,948 new home listings in July 2020.
Up +2.8 from last month of June 2020.
+29% increase from same month last year (July 2019)
And +17% increase from the 10-year average for the month of July.

This was a result of pent up demand

12,083 total listings in Metro Vancouver in July 2020.
-15% from July 2019

This LIMITED SUPPLY coupled with LOW INTEREST RATES = INCREASING COMPETITION. 

Sales to Active Listings Ratio, determines price fluctuations:
When the ration dips below 12% for a sustained period, prices typically decline.
When the ration dips surpasses 20% for a sustained period, prices typically increase.
Right now, we are at Sales-To-Active-Listing Ratio of 26% which puts us in a SELLERS MARKET territory.

The benchmark pricing for all types of Residential in Metro Vancouver is $1,031,400 in July 2020.
+4.5% increase from Year-Over-Year (July 2019)
+0.6% from June 2020