Metro Vancouver homes sales down slightly as prices remain elevated
Metro Vancouver’s housing market saw more moderate sales, listings and pricing trends last month compared to the heightened activity experienced earlier this year.
The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 3,326 in July 2021, a 6.3% increase from the same month last year but decreased almost 12% from last month.
Last month’s sales were 13% above the 10-year July sales average.
The number of homes available for sale last month decreased 26 per cent compared to the same period last year and dropped 25 per cent from June 2021.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver increased 14 percent from same period last year and is currently $1,175,500.
The benchmark price for a detached home increased 21 per cent from same period last year and is $1,801,000.
The benchmark price for apartments increased 8 per cent from same period last year and is $737,000.
The benchmark price for attached homes increased 17 per cent from same period last year and is $950,000.
Mortgage rates remain stable and are expected to remain as these low levels until late in 2022. Best 5-year fixed rates can be offered as low as 2.15%.
Variable rate mortgages can be offered as low as 1.45%.
We currently have many lenders with money to lend out. Financing highlights as follows:
Large 1st mortgages -$1M+
2nd mortgages up to $3.5M
Fast closings
Pre-construction using current market value
Rural properties including acreages
3 year Reverse Mortgage
Unique property types considered: leasehold, commercial, partial interest, bare land…
NOTE: The low mortgage rate environment, low inventory levels of properties for sale and the steady demand for homes should push prices higher this upcoming Fall season.