Vancouver home sales jump in July while prices rise amid lower supply

The Real Estate Board of Greater Vancouver says home sales and prices rose in July as more homebuyers took advantage of low interest rates to boost activity.

Buyers purchased 3,128 homes in the Vancouver metro area last month, up from 2,443 in June and up from the 2,557 sold in July 2019. The 28-per-cent sales bump from June came as the market adjusted to virtual sales and safety precautions amid the COVID-19 pandemic and shutdown.

Home prices also rose, hitting a benchmark of $1,031,400, 4.5 per cent higher on a year-over-year basis.

Colette Gerber, the real estate board's chairwoman, said that low interest rates and limited supply have increased competition in the Vancouver real estate market over the past month. While more homes hit the market in July compared with June, the total 12,083 homes listed for sale is down from 14,240 listed a year ago.

Pent-up sales activity

Detached homes opposed to apartments or townhomes werethe fastest-growing segment in terms of climbing prices and sales volumes. The benchmark price is now $1,477,800 for detached homes in Vancouver, up five per cent year-over-year, after sales volume increased 33.3 per cent to 1,121 detached homes.

"We're seeing the results today of pent-up activity, from both homebuyers and sellers, that had been accumulating in our market throughout the year," Gerber said in a statement.