Cost of detached homes in Vancouver is starting to decline

According to monthly reports from Vancouver’s Lower Mainland real-estate board, the region’s hot market is finally starting to slow down — at least when it comes to more expensive detached homes. 

At the height of the ongoing COVID-19 pandemic, buyers were willing to pay high price tags for a larger space, but that seems to be shifting. 

According to Zealty.ca, 1,041 single-family homes were sold in the Greater Vancouver Area (GVA) in July 2021, an 18 percent month-over-month decline from June 2021 and a 7.4 percent drop year-over-year.

Regarding detached home sales in July 2021, the region saw 831 sales, a decline of 12.7 percent from June 2021 and a 13.7 percent drop year-over-year.

According to Adam Major, the CEO of Zealty.ca, this indicates that the rush to move to the suburbs is finally decreasing.

“This is a sign that the COVID mania driving demand for more space and a detached home in the suburbs is finally reversing,” said Major in a statement to the Straight.

Major noted that 1,041 sales in the GVA in July 2021 are “actually below” the 10-year average of 1,053 for July.For detached sales, this July is the sixth busiest July in a decade, so the detached market is definitely cooling,” said Major.

In the city of Vancouver specifically, 144 detached homes were sold as of July 2021, a 7.1 percent decline from June 2021 and a 2.1 percent increase compared to the same period last year. On the pricier West Side of the city, 93 detached homes were sold, amounting to a 19.1 percent decrease compared to the previous month and a 20.8 percent increase from July 2020.

Condo sales also experienced a drop, coming to 1,675 units in July 2021, a 5.8 percent decrease from June 2021 but a 19.5 jump compared to July 2020.

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