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Greater Vancouver real estate agents said residential sales in the area totaled 2,286 last month, down from 2,333 sales recorded in July 2024 and below 13.9% of the 10-year seasonal average.
Andrew Lis, director of economics and data analysis at the board, said the numbers confirm that the market has turned after the Canadian-U.S. trade war stimulated months of slow activity.
“While the Bank of Canada’s policy rate was stable in July, this decision could help enhance sales activity by providing more borrowing costs by providing more borrowing costs by continuing trade negotiations with the United States,” Less said in a press release.
Year-on-year sales in June were about 10%, about half the decline recorded in May.
The comprehensive benchmark price for July was $1,165,300, 2.7% lower than the same period last year and 0.7% lower than June.
In July, there were 5,642 newly listed properties on the market, up 0.8% from last year and 12.4% above the 10-year seasonal average.
The positive list rose 19.8% year-on-year to 17,168, 40.2% higher than the usual level this month.
“Although sales activity is now recovering, this healthy inventory level is enough to keep house prices trending in the short term, as supply and demand remain relatively balanced,” Less said.
“But if sales activity resumes accelerate, these favorable conditions for home buyers may start to slowly slip as inventory levels drop, while home sellers gain more bargaining power.”
Last month, sales in the detached home category fell 4.1% year-on-year, while apartments fell 2.9% to 1,158.
Sales of 459 attached homes increased by 5% compared to July 2024.
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Andrew Lis Real Smoothie Area Sammy
Last modified: August 5, 2025
