Sales, new listings down; robust inventory; excellent buying opportunities

Metro Vancouver’s residential market activity in July slowed significantly from the previous month, registering month-over-month declines in both sales and new listings. The volatile market that showed gains in June had held out hope for a sustained recovery from buyer hesitancy that has persisted in the ambient economic uncertainty for many months. July’s sales total of 2,061 was a drop of 13.7% from the preceding month. The setback placed Metro Vancouver close to 10% below sales recorded for the same month one year ago, and almost 19% below the 10-year seasonal average. While the total of new listings of 4,991 across all property types was also a decline – close to 10% month-over-month, and 11.5% from the same period last year – July’s total was nonetheless about even with the 10-year seasonal average. However, despite this recent drop in new listings, Metro Vancouver’s inventory remains robust with a total of 16,476 available properties. This is down 4.0% from one year ago but still 27% above the 10-year seasonal average. The market segment In Metro Vancovuer where there was a particularly noticeable drop in new listing in July was in condominiums, which was down close to 17% month-over-month. Prospective buyers for this property type are advised to watch for possible upward price pressure if the supply continues to decline. At present, even with the current downward demand, upward price pressure is not being experienced, but there are other factors that could still stimulate a rise in demand.  The Bank of Canada’s last policy rate announcement on July 15 kept its key rate at 2.25 %. This was the seventh consecutive hold at this rate where it has been since October 2025.  The central bank’s forecast is for economic growth to pick up, although inflation is elevated in the near term. It notes that the war in the Middle East has pushed up inflation around the world, but that oil prices have fallen from their peak, and inflation is expected to ease. Home prices across Metro Vancouver are still generally declining each month, with a few scattered exceptions. At the end of July, the composite benchmark price for a residential property in Metro Vancouver was $1,088,800, a 1.0% decline from the preceding month.  

I invite you to review my selection below of comparative benchmarks across Metro Vancouver for the past month. For each property type, you will find an overall benchmark price with a cluster of the three closest average prices on each side of the benchmark average. The month-over-month price change is typically a reflection of the relative market activity in the neighborhood. Remember that benchmarks are averages, and a particular actual price may be a better fit for your budget. If you would like to explore a specific neighbourhood, please let me know. I can provide you with the most up-to-date information on current listings. And if you are considering selling your home, I can prepare a Customized Market Analysis for your property and advise you on the optimal listing price is the current market conditions.  Pleas feel free to call. I love to help my clients in any way I can. 

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of July was $1,822,900, a decrease of 1.1% from the preceding month. The range of this average extended from $3,011,300 in Vancouver West to $867,100 on the Sunshine Coast. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North $1,858,100, a decrease of 0.6% from the preceding month; Richmond at $1,911,700, a decrease of 2.3% from the preceding month; and Burnaby South at $1,919,800, a decrease of 2.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $1,858,100, a decrease of 0.6% from the preceding month; Vancouver East at $1,642,100, a decrease of 1.1% from the preceding month; and Squamish at $1638,300, a decrease 3.9% from the preceding month.

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of July was $1,030,400, a decrease of 1.5% from the preceding month. The range of this average extended from $1,659,200 in Whistler to $718,100 in Squamish. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $1,035,200, an increase of 1.0% from the preceding month; North Vancouver at $1,237,300, a decrease of 1.8% from the preceding month; and Vancouver West at $1,321.100, a decrease of 2.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,009,100, a decrease of 4.4% from the preceding month; Squamish at $999,900, a decrease of 0.6% from the preceding month; and Coquitlam $1,005,600, a decrease of 2.5% from the preceding month.

Condominiums           

The benchmark price for a condominium in Metro Vancouver at the end of July was $688,000, a decrease of 1.1% from the preceding month. The range of this average extended from $1,104,000 in West Vancouver to $420,500 on the Sunshine Coast. The three municipalities closest to the benchmark on the higher side of the average were:  Port Moody at $688,300, a decrease of 1.4% from the preceding month; Burnaby East at $713,100, a decrease of 0.5% from the preceding month; and Burnaby West at $768,700, a decrease of 1.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $673,400, a decrease of 0.8% from the preceding month; Coquitlam at $651,400, a decrease 0.4% from preceding month; and Richmond at $639,700, a decrease of 1.4% from the preceding month.

Let me help

There are many ways I can help you with your real estate transactions. Please let me know how I can help in these challenging times. You may need help in managing your home ownership plans, or in adjusting your financial strategy for a home purchase. Perhaps you are thinking of listing your home for sale and want to understand the market to set your asking price. Let me help. I have a post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.