The latest Greater Vancouver Realtors report shows that housing prices in New West all saw decreases last month.
Residential/composite properties hit a benchmark price of $821,300 (-0.5 per cent compared to June) while single-family detached houses came in at $1,578,100 (-1.0 per cent).
Townhouses had a benchmark price of $949,200 (0.2 per cent) and apartments hit $651,600 (-0.1 per cent).
In a news release, the Greater Vancouver Realtors says there were a total of 2,333 sales across the Metro Vancouver region in July, marking a five per cent decrease compared to the 2,455 homes sold in July of 2023.
“The trend of buyers remaining hesitant, that began a few months ago, continued in the July data despite a fresh quarter percentage point cut to the Bank of Canada’s policy rate," GVR's director of economics and data analytics Andrew Lis said.
“With the recent half percentage point decline in the policy rate over the past few months, and with so much inventory to choose from, it’s a bit surprising transaction levels remain below historical norms as we enter the mid-point of summer.”
Listings, however, shot up across the region with 5,597 newly listed properties last month, up 20.4 per cent compared to July 2023 which saw 4,649 properties listed for sale.
With the overall market experiencing balanced conditions, and with a healthy level of inventory not seen in quite a few years, price trends across all segments have leveled out with very modest declines occurring month over month," Lis added.
“While it remains to be seen whether softening prices and improved borrowing costs will entice buyers to purchase as we head into the fall market, it’s worth noting that it can take a few months for improvements to borrowing costs to materialize into higher transaction levels. In this respect, it’s still early days, so we will watch the market for signs of transaction activity picking up in the months ahead.”
Areas covered by the Greater Vancouver Realtors include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler.
