For the last couple of years, one of the difficult things about doing these videos is coming in and saying the same thing over and over again about the market being slow. This month I actually have something different to say. The month of July was the 2nd busiest month sales-wise for real estate in the Great Vancouver Real Estate Board this year! It seems kind of unusual, as July and August are usually a pretty quiet time around here as when the weather gets nice people are usually out doing other things. The only people you see selling around this time of year are usually the people that have no choice but to sell due to things like job transfers, divorce, or death.
It is way too early to say that the market is picking up and coming back. May was a good month, then June slipped back to where it had been. July was quite strong, so we will see how the market reacts coming up in the fall. Typically, it is after Labour Day when the market does pick up.
Overall, the Greater Vancouver stats are interesting. For detached houses, only 13.5% have sold during the month of July. What that means is that we are in the low end of a balanced market and bordering on a buyers market. Again, that is predominately the higher end.
When you look at the lower ends of the market, they are still busy and in a lot of cases seller’s markets. The townhouse market for July for the entire Lower Mainland was 20%. That is right on the border of being a seller’s market, and that includes the high end and the low end. The condo market for the entire area was 22%, which is a seller’s market, and the low ends are even stronger.
I am sure we are going to start hearing about these things in the media now, but they never seem to mention that it is the higher end of the market that is slower. We are starting to see a bit of a pulse develop here and whether it turns into a trend and keeps moving stronger through the fall remains to be seen.