Metro Vancouver home sales edge higher in July, prices still falling

VANCOUVER — Home sales in Metro Vancouver rebounded in July, making the traditionally slow selling period the second highest month for demand this year.

Figures from the Greater Vancouver Real Estate Board show residential sales total 2,547 last month, a 23.5 per cent increase over the same time last year.

Board president Ashley Smith says sales activity remains below the long-term average and those looking to purchase are benefiting from increased selection, reduced prices and low interest rates.  

The board’s figures show 17.3 per cent more homes were on the market compared with July of last year and prices have dropped for residential real estate. 

The benchmark price for houses covered by the board is just over $1.4 million, down 10.5 per cent from the same time last year, while the price for townhouses and apartments dropped by nine per cent and 8.8 per cent, respectively.

Sales of apartments jumped 15.2 per cent, while attached home sales increased by 33.6 per cent in July compared with the year before.

The Canadian Press