The slump is officially over. Not only did July set records for being the hottest and driest month ever in Vancouver, apparently sales skyrocketed 40% from the same time last year (I am still verifying this as it seems a bit unbelievable!).
There were 2,946 sales on the Multiple Listing Service last month, 11.5% more than June of this year.
These stats help level threats that the dreaded bubble is about to burst. There were a few slow months at the beginning of the year, but overall prices are only down 2.3% from the peak last year.
Revitalized summer sales have brought back consumer confidence in the Vancouver real estate market, and it appears that a buyers’ market will continue, as listings are down, despite the recent influx of new sales.
The average detached home sits at just under $1 million, selling for a cool $920K.
According to reports, the July sales in Vancouver are at the highest point since 2009. They also represented a 0.1 per cent increase over the 10-year average. Seeing how the market ‘peaked’ in 2012, this is a good indication that an upswing is back in effect.
These new factors are no doubt influenced by the end of the HST and the uptick in mortgage rates (seeing a last chance to grab a 10-year mortgage at 3.7% may have been a deciding element).
Either way, the sun is shining on the city and the market is heating up as well. It’s a good time to be in the city, let me help you find a way to stay.
