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Vancouver Real Estate Crackdown's Next Step: A Big Watchdog
Nov 14, 2019

British Columbia plans to create a single real estate regulator to better combat money-laundering in markets like Vancouver, where the government says dirty money has helped drive up housing prices.

The provincial government intends to introduce legislation late next year that would establish a joint financial-services and real estate watchdog by the spring of 2021, the Ministry of Finance said Tuesday.

The plan would bring real estate regulation -- including licensing -- under the purview of the B.C. Financial Services Authority, which currently regulates mortgage brokers, private pension plans and financial institutions. Having a single regulator for those areas will streamline investigations and enforcement, according to the government.

British Columbia has led Canada’s charge against spiraling home costs, introducing new taxes and policies to restrict foreign investment and speculation. In 2016, it ended self-regulation of the real estate industry after a scandal involving “shadow flipping,” where brokers earn multiple commissions by helping properties trade hands repeatedly before a deal closes, inflating prices. The province also is set to become the world’s first jurisdiction to expose hidden property owners next year when it creates a searchable, public registry of who controls the trusts and anonymous corporations that own land.

Vancouver, in particular, has come under scrutiny after the government revealed that casinos had been accepting millions of dollars in questionable cash from gamblers for years. The Pacific Coast city is one the continent’s most unaffordable housing markets after prices more than doubled in a decade.

Premier John Horgan’s government has partly blamed dirty money, issuing a government-funded report earlier this year that claimed more than C$7 billion ($5.3 billion) was washed through the province in a year. Questions remain about those figures, which were derived from economic modeling, not hard evidence. Horgan has launched a public inquiry to investigate the extent to which money laundering has driven up real estate in the province, and an interim report is due in November 2020.

Source: Natalie Obiko Pearson: Bloomberg News

October Stats
Nov 04, 2019

Home buyer activity increases in October

The Metro Vancouver housing market is experiencing a fall pickup in home sale activity.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,858 in October 2019, a 45.4 per cent increase from the 1,966 sales recorded in October 2018, and a 22.5 per cent increase from the 2,333 homes sold in September 2019.

 

Last month’s sales were 9.8 per cent above the 10-year October sales average.

 

“Home buyers have more confidence today than we saw in the first half of the year,” says Ashley Smith, REBGV president. “With prices edging down over the last year and interest rates remaining low, hopeful home buyers are becoming more active this fall.”

 

There were 4,074 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2019. This represents a 16.4 per cent decrease compared to the 4,873 homes listed in October 2018 and a 16.3 per cent decrease compared to September 2019 when 4,866 homes were listed.

 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,236, a 5.8 per cent decrease compared to October 2018 (12,984) and a nine per cent decrease compared to September 2019 (13,439).

 

For all property types, the sales-to-active listings ratio for October 2019 is 23.4 per cent. By property type, the ratio is 17.3 per cent for detached homes, 26.2 per cent for townhomes, and 29 per cent for apartments.

 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

“The recent uptick in home sales is moving us into a more historically typical market,” Smith said. “Both sale and listing activity is trending around our long-term averages in recent months.”

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $992,900. This represents a 6.4 per cent decrease from October 2018, a 1.7 per cent decrease over the past six months, and a 0.2 per cent increase compared to September 2019.

 

Sales of detached homes in October 2019 reached 938, a 47.3 per cent increase from the 637 detached sales recorded in October 2018. The benchmark price for a detached home is $1,410,500. This represents a 7.5 per cent decrease from October 2018, a 1.3 per cent decrease over the past six months, and a 0.3 per cent increase compared to September 2019.

 

Sales of apartment homes reached 1,384 in October 2019, a 40.5 per cent increase compared to the 985 sales in October 2018. The benchmark price of an apartment home is $652,500. This represents a 5.9 per cent decrease from October 2018, a 2.2 per cent decrease over the past six months, and a 0.2 per cent increase compared to September 2019.

 

Attached home sales in October 2019 totalled 536, a 55.8 per cent increase compared to the 344 sales in October 2018. The benchmark price of an attached home is $771,600. This represents a 5.8 per cent decrease from October 2018, a 0.4 per cent decrease over the past six months, and a 0.5 per cent increase compared to September 2019.

 

Download the October 2019 stats package

B.C. speculation tax personal information can be collected and disclosed: privacy commissioner
Oct 22, 2019

B.C.’s Ministry of Finance can collect, use and disclose taxpayers’ personal information under the Speculation and Vacancy Tax Act (SVTA), the province’s Office of the Information and Privacy Commissioner has ruled.

“I am satisfied that the property owner’s name, address, date of birth, social insurance number (SIN) and email address relate to and are necessary for the program of administering the tax,” adjudicator Erika Syrotuck said in her ruling.

The opposition BC Liberals and other critics have panned the tax for prying into people’s private information, namely by requiring a SIN on declaration forms. The tax required all property owners in specified areas to file a declaration. That declaration is used to determine if the tax should be paid.

And, concerns about the tax and its implications for privacy impacts led the commissioner’s office to open an inquiry after receiving complaints the ministry had exceeded its authority by collecting SINs, as well as letters of concern about collection, use and disclosure of names, addresses, dates of birth and email addresses.

All agreed it was personal information.

At issue was whether or not the tax is a program of the government as defined under B.C.’s Freedom of Information and Protection of Privacy Act (FIPPA).

Syrotuck found the speculation tax is a program as it is an organized implementation of a law passed by the legislature.

The ministry argued the collection of the information was needed to verify information about individuals to administer the legislation. SIN collection, the ministry said, was needed, as it is the primary identifier of Canadians and needed to calculate tax owing.

“The administrator says the absence of a SIN is valuable because it identifies that a person does not pay taxes in Canada,” Syrotuck said in her Oct. 18 decision. “Any anomalies of the SIN can alert the administrator to further investigate that declaration.”

The ministry argued email address collection was necessary to provide confirmation of declaration receipt confirmation.

The complainants, however, said the government had said more than 99% of British Columbians would not have to pay the tax yet 100% of British Columbians had to file declarations.

Complainants said collection of SINs is not allowed under federal law.

The ministry argued SINs are collected to verify other incomes and is subject to the FIPPA.

Syrotuck found more than 150 federal and provincial laws mentions SINs.

“The province is not required to get federal approval to use the SIN,” Syrotuck wrote.

She said a SIN identifies a person’s B.C. residency. She said it conforms to the speculation tax’s definition of a resident in British Columbia.

“I cannot see what other reasonable means would be available to the Ministry to verify that a person is a ‘resident of British Columbia’ for the purpose of claiming an exemption, the lower tax rate or a tax credit under the SVTA.”

Further, she said, the SVTA provisions extend to determining if a property owner is and ‘untaxed worldwide earner.’

“I do not see how the ministry could reasonably verify this without the SIN,” Syrotuck wrote.

She found the property owners’ names and addresses relate directly to the tax’s administration.

“The property owner is liable for the tax,” Syrotuck wrote. “The ministry needs to know their identity.”

Further, Syrotuck found, B.C. can share information collected with the Canada Revenue Agency under information sharing agreements.

Finance Minister Carole James said in a statement to Glacier Media the government has been confident information collected is legal and authorized under FIPPA.

“The Ministry of Finance is committed to protecting people’s personal information and privacy in everything it does,” James said. “Social insurance numbers are essential for both the administration of the speculation and vacancy tax, and in preventing tax evasion. I am pleased that the recent decision by the Office of the Information and Privacy Commissioner confirms this.”

James told the Union of B.C. Municipalities’ September annual conference that the tax, instituted in November 2018, is increasing housing stock and generating revenue for housing creation.

The tax was created to address the ongoing affordability crisis in the province’s major urban centres where real estate has been subject to speculation and allegedly used for laundering illegal funds.

“When we formed government two years ago, we really were at the peak of a housing crisis,” James said. “The tax is working as we intended.”

Critics, however, wanted to see more data and questioned James’ claims that the results have been positive.

The NDP government announced the tax last year to free up rental properties and to put a greater tax burden on those who use social welfare systems but do not pay much income tax.

The minister said 99.8% of British Columbians are exempt from the tax. More than 1.6 million British Columbians completed declarations as it was initiated.

Those affected by it (and the taxes assessed) are in the Victoria ($3,743,000), Central Okanagan ($2,964,000), Fraser Valley ($661,000), Metro Vancouver ($50,084,000) and Nanaimo areas ($621,000).

The average assessed home value of properties subject to the tax is $1.45 million while the average assessed value of properties exempt from the tax in the taxable areas is $1.1 million, ministry data said.

And, James warned, an audit of those exempted from the tax will ensure no one is avoiding paying their legal share.

Liberal Party finance critic Shirley Bond is expected to comment on the commissioner’s decision.

Source: Jeremy Hainsworth: VIA

Canada's real estate market in full recovery mode as home sales rise
Oct 17, 2019

Canada’s realtors produced another strong month of sales and prices in September, with gains in most major markets in a sign of strength for the nation’s housing market.

The number of units sold rose 0.6 per cent last month, extending a recent jump in activity that have seen transactions jump 16 per cent from a year ago, the Canadian Real Estate Association said Tuesday. Benchmark home prices rose 0.5 per cent in September, and are up 2.3 per cent over the past four months. Markets in British Columbia led gains in both sales and prices last month, with the country’s oil-producing regions the only ones showing any weakness.

The report is in line with other recent indicators that suggest housing has fully recovered from a slump earlier this year, helped by falling mortgage rates. The run of robust housing data gives the Bank of Canada another reason — along with strong job gains — to hold interest rates steady, even as counterparts around the world tilt toward easing policy.

“Home sales activity and prices are improving after having weakened significantly in a number of housing markets,” Gregory Klump, chief economist at the Ottawa-based realtor group, said in a statement. “How long the current rebound continues depends on economic growth, which is being subdued by trade and business investment uncertainties.”

Source: Theophilos Argitis: Bloomberg News

The fall real-estate updates: Economists predict gradual rebound
Oct 03, 2019

Spring is usually the hottest season for real estate but that wasn't the case in 2019. We saw inventories build and prices trend downwards. However, things appear to have changed since then.

According to the Canadian Real Estate Association, national home prices have increased for six consecutive months. The national home price index is up by 0.9 per cent since August 2019.

Economists from RBC and Sotheby's have declared the housing correction over and expect a gradual rebound over the near term. Homes priced up to $1 million have seen an uptick in selling activity, whereas the higher priced luxury market, which has been hit the hardest, remains soft.  

Since the spring, sentiment around real estate has improved. Interest rates have been dropping and prices have adjusted downwards. This means that buyers can afford more "house" compared to last year.

There is also a greater sense of urgency to purchase compared to last spring due to the China/Hong Kong conflict. Some fear that if the conflict escalates, as many as 300,000 Hong Kong/Canadian dual citizens could flood our local market and drive up prices. 

It's hard to generalize our real estate market.  It isn't one "Lower Mainland" market — it is more like 30 submarkets. Overall, I'd say it is more or less balanced, with lots of hot and cold pockets. It really depends on the location and price point.   

Hurting markets

Pre-sales and newly built condos aren't selling very well. Not only is there currently a large number available on the market, there are more expected over the next year.

Several pre-sale projects have been cancelled due to a lack of demand with some developers needing to offer incentives to entice buyers. 

This past June, a developer was famously offering buyers a years' worth of avocado toast, but since then they have had to up the ante. Now, instead of toast, one developer is giving away a Telsa worth $55K with every home purchase.    

Another area not doing well is the luxury market. This has been the hardest hit with price drops, in some areas, of 40 per cent. The main reason for the lack of buyers is that, despite the 40 per cent price drop, the luxury market is still expensive. A home worth $7 million in 2017 would still cost over $4 million today, a price few can afford.  

Those buying in the luxury market in 2017 were often foreign buyers and that market has completely dried up. Many have suggested that foreign buyers used our real estate market as a bank account. Well, instead of making deposits, they are now making withdrawals. 

For the first time in decades, the Chinese have become net sellers of global assets, which includes Vancouver real estate. As a result of this behavioural change, the areas of our market that were popular with foreign investors are now struggling.  

Personal finance expert Mark Ting says it's difficult to predict how the 2019 federal election will affect housing. (Graham Hughes/The Canadian Press)

Election season

Another consideration that will have an impact on real estate is the upcoming election. Exactly how the election will affect housing is hard to quantify as we don't know who will win, whether they will follow through with their pre-election promises or, if they do, how fast they implement their plan.  

I'm not rushing into this market even if some experts say that it has bottomed. It can bounce along the bottom for quite some time. It is rare that you see a V-shaped recovery with real estate unless there was a major crash.    

At the end of the day I use spreadsheets. If the math works, be it a home for you to live in or a revenue property, then I would be inclined to go through with a deal. If the math doesn't work, then be patient and try again when the numbers make more sense.  

Source: Mark Ting, CBC News

September Stats
Oct 02, 2019

Increased demand helps housing market reach balanced territory

Home buyer demand has returned to more historically typical levels in Metro Vancouver over the last three months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,333 in September 2019, a 46.3 per cent increase from the 1,595 sales recorded in September 2018, and a 4.6 per cent increase from the 2,231 homes sold in August 2019.

Last month’s sales were 1.7 per cent below the 10-year September sales average.

“We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year,” Ashley Smith, REBGV president said. “Home buyers are more willing to make offers today, particularly in the townhome and apartment markets.”

There were 4,866 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2019. This represents a 7.8 per cent decrease compared to the 5,279 homes listed in September 2018 and a 29.9 per cent increase compared to August 2019 when 3,747 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,439, a 2.7 per cent increase compared to September 2018 (13,084) and a 0.3 per cent increase compared to August 2019 (13,396).

For all property types, the sales-to-active listings ratio for September 2019 is 17.4 per cent. By property type, the ratio is 12.7 per cent for detached homes, 18.9 per cent for townhomes, and 21.9 per cent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“This is a more comfortable market for people on both sides of a real estate transaction,” said Smith. “Home sale and listing activity were both at typical levels for our region in September.”

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $990,600. This represents a 7.3 per cent decrease over September 2018 and a 0.3 per cent decrease compared to August 2019.

Sales of detached homes in September 2019 reached 745, a 46.7 per cent increase from the 508 detached sales recorded in September 2018. The benchmark price for a detached home is $1,406,200. This represents an 8.6 per cent decrease from September 2018 and is virtually unchanged compared to August 2019.

Sales of apartment homes reached 1,166 in September 2019, a 43.6 per cent increase compared to the 812 sales in September 2018. The benchmark price of an apartment property is $651,500. This represents a 6.5 per cent decrease from September 2018 and a 0.4 per cent decrease compared to August 2019.

Attached home sales in September 2019 totalled 422, a 53.5 per cent increase compared to the 275 sales in September 2018. The benchmark price of an attached home is $767,500. This represents a 7.2 per cent decrease from September 2018 and a 0.6 per cent decrease compared to August 2019.

Download the September 2019 stats package

August Stats
Sep 04, 2019

Metro Vancouver housing market sees summer uptick in sales

Home buyer activity increased to more typical levels in Metro Vancouver throughout the summer months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,231 in August 2019, a 15.7 per cent increase from the 1,929 sales recorded in August 2018, and a 12.7 per cent decrease from the 2,557 homes sold in July 2019.

Last month’s sales were 9.2 per cent below the 10-year August sales average.

“Home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,” said REBGV President Ashley Smith. 

There were 3,747 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2019. This represents a 3.5 per cent decrease compared to the 3,881 homes listed in August 2018 and an 18.8 per cent decrease compared to July 2019 when 4,613 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,396, a 13.3 per cent increase compared to August 2018 (11,824) and a 5.9 per cent decrease compared to July 2019 (14,240).

For all property types, the sales-to-active listings ratio for August 2019 is 16.7 per cent. By property type, the ratio is 12 per cent for detached homes, 18.4 per cent for townhomes, and 21.2 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” Smith said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $993,300. This represents an 8.3 per cent decrease over August 2018 and a 0.2 per cent decrease compared to July 2019.

Sales of detached homes in August 2019 reached 706, a 24.5 per cent increase from the 567 detached sales recorded in August 2018. The benchmark price for detached homes is $1,406,700. This represents a 9.8 per cent decrease from August 2018 and a 0.7 per cent decrease compared to July 2019.

Sales of apartment homes reached 1,116 in August 2019, an 8.9 per cent increase compared to the 1,025 sales in August 2018. The benchmark price of an apartment property is $771,000. This represents a 7.4 per cent decrease from August 2018 and a 0.1 per cent increase compared to July 2019.

Attached home sales in August 2019 totalled 409, a 21.4 per cent increase compared to the 337 sales in August 2018. The benchmark price of an attached unit is $654,000. This represents a 7.8 per cent decrease from August 2018, a 0.2 per cent increase compared to July 2019.

Download the August 2019 stats package. 

Canadian home prices set to rise, but by how much?
Aug 20, 2019

There are signs that Canada’s housing market is about to get hotter.

At least that’s what Capital Economics, a UK-headquartered economic-research firm, is suggesting.

In a recent report, Stephen Brown, Capital Economics’ senior Canadian economist, notes that the country’s sales-to-new listing ratio has returned to 60 percent.

That means that for every 10 homes that are listed, six are sold — and in the past, this level of activity has corresponded with year-over-year price increases of 10 percent.

Ratios over 60 percent generally indicate a seller’s market, where increased competition for properties drives land values up.

“As the ratio has overstated gains in the last year, we doubt house price inflation will accelerate quite that far,” says Brown.

So double-digit price growth doesn’t look like it’s in the cards.

However, Capital Economics forecasts Canadian home prices will begin to increase at an annual rate of between 3 and 5 percent by early next year.

Declining interest rates have helped Canada’s housing market rebound, and there is no indication that this will change any time soon.

Capital Economics says mortgage shoppers were being offered average promotional five-year fixed rates of 2.65 percent in July, compared with 3.43 percent in March.

“That means buyers can afford to pay 19% more than they could in March for a given monthly mortgage payment,” Brown explains.

But the mortgage stress test that was introduced in January 2018 remains a hurdle, and mortgage rates have yet to return to 2017 lows.

For now, Canadian home prices remain muted even as sales activity picks up. According to the Canadian Real Estate Association, the index price of a Canadian home was up 0.2 percent annually in July, while sales surged 12.6 percent.

“While the Bank of Canada will welcome the rebound in home sales to more normal levels, officials are unlikely to want to see house price inflation materially outpacing income growth again. Unless sales rise much further in the coming months, however, we don’t think such concerns will prevent the Bank from cutting interest rates this year,” says Brown.

Source: Josh Sherman: Livabl

Vancouver showing promising recovery signs
Aug 14, 2019

While it’s early days yet, Vancouver’s real estate market seems to be coming back to life.

July sales figures released by the Real Estate Board of Greater Vancouver revealed a 23.5% year-over-year increase, as regional residential home sales totalled 2,557, trumping last year’s 2,070. It also marked a 23.1% increase over the 2,077 home sales recorded in June 2019.

And while sales in July were 7.8% below the 10-year average for the month, Jason Turcotte, Cressey Development Group’s VP of development, notes the last decade has been an aberration.

“The 10-year averaged a number we will always struggle to meet because those were unprecedented 10 years,” he said. “I think the whole dynamic of the marketplace has changed in Vancouver, and what it shows us is that with ‘normal’ buying activity we see prices hold.”

Juxtaposed with a year ago, when nobody knew where the Vancouver market was headed, consumer confidence has returned to the market. As evidence, Turcotte points to the city’s single-family detached market.

“A year ago, the single-family market was virtually non-existent,” he said of the 32% year-over-year sales increase. “Now there’s reason to be cautiously optimistic because it’s a sign that comfort has returned to the market and we’re seeing ‘normal’ activity.”

The benchmark price for detached properties remains exorbitant at $1,417,000, however, it’s a 10.5% year-over-year decrease from July 2018 and a 0.5% drop from the previous month. Moreover, the Canada Mortgage and Housing Corporation just designated Vancouver’s housing market stability as moderate after being “highly vulnerable” for the past three years.

“When they talk about prices and affordability, it’s still very much in their red zone,” said Turcotte. “The reason the designation had to do with the slowing pace of sales and the slight reduction of pricing, but the latter alone wouldn’t have done it. It’s not an overheated marketplace where demand exceeds supply, which drives prices up at unprecedented levels. If we look at prices relative to local incomes, they’re still unaffordable and there’s no question we have to recognize we’re not only a local economy: we have global appeal with growth of high-income immigration. The strong demand here will, from a global interest perspective, keep prices high.”

Source: Neil Sharma: Mortgage Broker News

July Stats
Aug 02, 2019

Home sales increase in July

Home buyer demand picked up across Metro Vancouver last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,557 in July 2019, a 23.5 per cent increase from the 2,070 sales recorded in July 2018, and a 23.1 per cent increase from the 2,077 homes sold in June 2019.

Last month’s sales were 7.8 per cent below the 10-year July sales average.

“While home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced,” Ashley Smith, REBGV president said. “Those looking to buy today continue to benefit from low interest rates, increased selection, and reduced prices compared to the heated market a few years ago.”

There were 4,613 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2019. This represents a 3.3 per cent decrease compared to the 4,770 homes listed in July 2018 and a 2.9 per cent decrease compared to June 2019 when 4,751 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,240, a 17.3 per cent increase compared to July 2018 (12,137) and a 4.9 per cent decrease compared to June 2019 (14,968).

For all property types, the sales-to-active listings ratio for July 2019 is 18 per cent. By property type, the ratio is 13.5 per cent for detached homes, 20 per cent for townhomes, and 22 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“To better understand conditions in your property type or neighbourhood of choice, it’s important to work with your local REALTOR®. They can help you develop a strategy to reach your long-term real estate goals,“ Smith said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $995,200. This represents a 9.4 per cent decrease over July 2018 and a 0.3 per cent decrease compared to June 2019.

Sales of detached homes in July 2019 reached 841, a 32 per cent increase from the 637 detached sales recorded in July 2018. The benchmark price for detached properties is $1,417,000. This represents a 10.5 per cent decrease from July 2018, and a 0.5 per cent decrease compared to June 2019.

Sales of apartment homes reached 1,243 in July 2019, a 15.2 per cent increase compared to the 1,079 sales in July 2018. The benchmark price of an apartment property is $653,200. This represents an 8.8 per cent decrease from July 2018, and a 0.2 per cent decrease compared to June 2019.

Attached home sales in July 2019 totalled 473, a 33.6 per cent increase compared to the 354 sales in July 2018. The benchmark price of an attached unit is $770,000. This represents a nine per cent decrease from July 2018, and a 0.6 per cent decrease compared to June 2019.

Download the July 2019 stats package.

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