Greater Vancouver home sales drop in July, new figures show

The number of Vancouver area home sales dropped in July, marking a return to more 'normal levels, according to statistics from the Real Estate Board of Greater Vancouver.

The most recent figures showresidential property sales were down18.9 per cent in July 2016 compared with the same month last year.

There were 3,226 home sales in July 2016, down from 3,978 sales in July 2015.

These July 2016 figuresalso represent a 26.5per cent decrease from June of this year when 4.400 properties were sold.

• Vancouver area benchmark house price now $1.4M, up 30% in 1 year.

It's the first time since January 2016 that home sales in the region were below the 4,000 mark, the real estate board said in a statement.

Dan Morrison, president of the board, said the shift signals a return to more normal levels.

"After several months of record-breaking sales activity, home-buyer demand returned to more historically normal levels in July," Morrison said in thestatement

He noted that home sales activity showed 'moderating' signs in late June, which carried into July.

'Wait and watch,' says REBGVpresident

"We'll wait and watch over the next few months to see if this marks the return of more normal market trends."

Meanwhile, the sales-to-active listings was38.6 per cent. Analysts say house price tend to dropwhen the ratio dips below the 12 per cent mark.

Despite the home sales dip in July, prices rose since last year.

The benchmark price for all residential properties in Metro Vancouver is $930,400, a 32.6 per cent increase over July 2015, while the average price for a detached home was $1.57 million, up 38 per cent from July 2015.

Condo prices were also on the rise. The average price in July 2016 was$510,600 a27.4 per cent increase from July 2015.