Sales : 6.3% increase compared from July 2020, and a 11.6% decrease from June 2021. Last month’s sales were 13.3% above the 10-year June sales average.
Inventories🔼 : 18.5% decrease compared to July 2020 (12083) and a 9.1% decrease compared to June 2021 (10839).
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,175,100. This represents a 14.5% increase over June 2020 and a 0.2% increase compared to May 2021.
My comments:
Yeah!! We all survived the heat! Most of you must have heard me saying over and over again, try to stay away from west facing properties, this is why lol! My observation towards the current market is quite similar to what I wrote last month: The nice properties still receive multiple offers; the average days on the market is taking longer. Price has been steady over the past few months. My recommendation for investment properties is still downtown condos under $600k, the sold price for downtown condos has been steady over the past 1.5 years, meaning the price has not come up even during the those crazy multiple offer period in the first few months of the year. With most people starting to go back to the office, the rental vacancy will be lower and the price for downtown condos won’t stay like this for long.
Stay cool!
Sheron
