Residential property sales in Greater Vancouver remained at a 10-year low in July, while the number of properties being listed for sale continued to edge down and prices remained relatively stable.
"People appear to be cautious about making significant financial decisions right now. While our economy appears to be quite robust, there may be some concerns about the impact of international markets and the federal government's tightening of mortgage regulations, " says Eugen Klein, President of Real Estate Board of Greater Vancouver.
"With a sales-to-actives-listing ratio of 11.6%, conditions favoured buyers in our marketplace in recent months," Klein said. "That means buyers have more selection to choose from and more time to make a decision. For sellers, it's important to price properties competitively. For information on local market prices, contact your realtor".
The composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 0.6% to $616,000 and declined 0.7% compared to last month.
Detached Properties (Houses)
Average Days on Market: 53
Average Sale Price / Asking Price 96%
Average Days on Market: 55
Average Sale Price / Asking Price 97%
Condos / Apartments
Average Days on Market: 52
Sale Price / Asking Price 96%
Benchmark Price for properties in Greater Vancouver (Estimated sale price for a typical property) - July 2012
House - $950,200 Townhouses - $468,700 Condo - $374,300