At Oakwyn we’re always wanting to present the facts in an engaging way. Every month, one of our agents will unpick current market statistics from the Real Estate Board of Greater Vancouver to help you understand what’s going on in the real estate market and what you should be looking out for.
For July 2021 statistics, we have Oakwyn agent Adam Chahl here for his statistics report.
The Calm After the Storm
Things are calming down. July 2021 saw 3,128 sales which is down 11.6% from June this year so a 10% drop in the number of sales. We’re starting to see prices level off. We’re no longer seeing that crazy increase that we’ve seen for the past 12, 13, 14 months since the Covid push.
Real estate is somewhat on the back burner for now and that’s seen in the number of sales decreasing. There are a number of reasons for this but Adam identifies his two main factors:
No. 1: The Covid push or the desire for people to move up, down, or even leave Vancouver has happened. That change in status, change in property uses already happened. If you wanted to move, you’ve probably already done so.
No. 2: Now, all we’re talking about is travel. Where we’re going to go next, and when can we travel internationally. The attention seems to have focused off homes and onto travel.
The number of listings has also decreased. Last month we had 4,377 new listings which was down 25% on June. Not only are people not purchasing as much real estate but they’re also not listing their homes for sale. Whether the inventory levels pick back up and we see more people putting their properties on the market by fall will be interesting to see.
Get in Touch!
Work with your Oakwyn agent, work with your trusted real estate advisor, and come up with a plan that makes sense for you in 2021 if you’re thinking about making a move.
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