Buyer demands continue to be strong while inventory is low

The Real Estate Board of Greater Vancouver released a statistic package today reporting home sales were 33.5% above the 10-year sales average for the month of July.

The MLS® Home Price Index for all residential properties in Metro Vancouver is currently $700,500, an 11.2% increase compared to July 2014.

The sales-to-active-listings ratio is at 34.6%, continuing to be in a strong seller’s market.

According to Darcy McLeod, the president of REBGV, today’s activity is due to:

  • strong consumer confidence
  • low interest rates
  • reduced supply of homes for sale (there are about 5,000 to 6,000 fewer homes for sale today as compared to other summers over the last five to six years)

Read the New Release here.