The Greater Vancouver Real Estate Board’s housing market statistics have been released for the month of July and we’re seeing a shift toward moderation in sales, listings and prices in Metro Vancouver, especially when considering the level of activity in the market over the course of this year. Home sales and listings pulled back this past month, and although the market is more in line with the seasonal trend for summer, this “return to the norm” is heightened due to the loosening of interprovincial travel restrictions with the declining COVID-19 cases as many people are opting to spend their time travelling, making up for the 12-18 months they lost.
As predicted in last months report, the HPI benchmark price plateaued in July across all product types. We anticipate this to continue, and perhaps even mildly decline, for a few more months. Despite this current pause in pricing movement, the HPI benchmark prices for detached homes, townhomes, and apartments are outperforming the same month a year ago by 21%, 18.5%, and 8% respectively.
Typical for summer, we have seen the number of days on market increase substantially since May, and sales consistently decrease across all product types since April.
So What does this Mean for Development Land NORTH OF THE FRASER?
While the resale market has cooled off, the development land market in our core markets remains very active. Specifically, development sites for wood frame condos and townhomes have developers expanding their limits on pricing and terms, as the sales for these units tends to consistently outperform the rest. Development sites designated for high rise buildings have also started gaining traction again.
Development land for detached homes in Coquitlam is also in high demand, however, there are not many available sites with short term development potential.
Please note: areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
View the Real Estate Board of Greater Vancouver’s entire stats package for July 2021 here.
This representation is based in whole or in part on data generated by the Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.