Apartment-condo sales in Metro Vancouver declined 2.9% in July compared to the same month a year earlier, according to the Greater Vancouver Real Estate Board (GVREB).

A total of 1,158 apartment units changed hands, down from 1,192 in July 2024. The benchmark price for an apartment home was $743,700, a 3.2% decrease year-over-year and 0.6% lower than in June.

Overall residential sales in Metro Vancouver reached 2,286 in July, a 2% decline from the 2,333 sales a year earlier and 13.9% below the 10-year seasonal average.

“The June data showed early signs of sales activity in the region turning a corner, and these latest figures for July are confirming this emerging trend,” said Andrew Lis, GVREB’s director of economics and data analytics. “Although the Bank of Canada held the policy rate steady in July, this decision could help bolster sales activity by providing more certainty surrounding borrowing costs at a time where economic uncertainty lingers due to ongoing trade negotiations with the USA.”

Lis noted that housing inventory has stabilized at about 17,000 listings. “Although sales activity is now recovering, this healthy level of inventory is sufficient to keep home prices trending sideways over the short term as supply and demand remain relatively balanced. However, if the recovery in sales activity accelerates, these favourable conditions for home buyers may begin slowly slipping away, as inventory levels decline, and home sellers gain more bargaining power.”

Detached home sales fell 4.1% year-over-year to 660, while townhouse sales rose 5% to 459. The benchmark prices stood at $1,974,400 for detached homes and $1,099,200 for townhouses, both down from a year earlier.

Pictured: Condominium towers near the Stadium-Chinatown Station in Vancouver.

Photo: CMHC