Real estate boards in the Lower Mainland are expected to release their latest monthly reports soon. By all indications, markets marked another slowdown in July 2021.
The decline is most pronounced in detached homes, which attracted premium prices at the height of COVID-19 as buyers wanted bigger spaces to ride out the pandemic. Numbers crunched by real-estate site Zealty.ca indicate that 1,041 single-family homes were sold in markets served by the Real Estate Board of Greater Vancouver (REBGV) in July 2021. The number represents an 18 percent month-over-month decline from June 2021, and a 7.4 percent drop compared to July 2020.
The same picture emerges for the markets served by the Fraser Valley Real Estate Board (FVREB). In July 2021, realtors in this region sold a total of 831 detached homes. The sales represent a 12.7 percent decline from June 2021, and a 13.7 drop compared to July 2020.
It’s the same story for the Chilliwack and Region Real Estate Board (CADREB). In July 2021, a total of 171 detached homes were sold in the region. The number marks a 27.8 percent drop from June 2021, and a 16.2 slide from July 2020.
These all mean one thing for Adam Major, CEO of Zealty.ca and managing broker for the site’s owner, Holywell Properties. “This is a sign that the COVID mania driving demand for more space and a detached home in the suburbs is finally reversing,” Major told the Straight.
