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)