Vancouver home prices still stubbornly high despite sales dip in August

Canada’s highest-priced actual property market continues to chill from its earlier frantic tempo, however that hasn’t translated into decrease residence costs in Metro Vancouver.

The Actual Property Board of Better Vancouver (REBGV) says gross sales of all forms of houses in August had been down 5.2 per cent in comparison with July.

Gross sales had been up 3.4 per cent in comparison with August 2020 and 20.4 per cent above the 10-year August gross sales common.

The REBGV says individuals had been eager to purchase however they do not have a number of choices.

“August was busier than anticipated, and listings exercise is not maintaining with the tempo of demand. That is leaving the market below equipped,” stated REBGV economist Keith Stewart.

The variety of newly listed houses fell 7.9 per cent in comparison with July and 30.6 per cent in comparison with August 2020. The whole variety of houses on the market fell 8.6 per cent in comparison with July and 29.7 per cent in comparison with August 2020.

“Housing provide is the largest issue impacting the market proper now. To assist relieve stress on costs and enhance peoples’ home-buying choices, the market wants a extra considerable provide of houses on the market,” stated Stewart.

“Housing affordability has been a key problem within the federal election. We encourage the political events to concentrate on coverage options that may assist streamline the creation of extra various housing choices for hopeful residence patrons immediately and into the long run.”

Additionally See: The latest real estate news for housing prices, mortgage rates, markets, luxury properties and more at Yahoo Finance Canada.

Including provide has been a key a part of every celebration’s housing plan to sort out affordability, which stays elusive in Vancouver. Costs, as measured by the MLS residence value index, had been mainly flat in August in comparison with July. Nonetheless, when in comparison with August 2020, costs had been up 13.2 per cent to a mean of $1,176,600.

The most important value beneficial properties have been within the indifferent market. The benchmark value for a indifferent house is $1,807,100, up 20.4 per cent from August 2020.

Jessy Bains is a senior reporter at Yahoo Finance Canada. Observe him on Twitter @jessysbains.

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