RSS

Home buyers remain active across Metro Vancouver

VANCOUVER, BC – July 5, 2016 – Home buyers continue to compete for homes listed for sale across the Metro Vancouver housing market.

Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6 percent from the 4,375 sales recorded in June 2015 and a decrease of 7.7 percent compared to May 2016 when 4,769 homes sold.

Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as the highest selling June on record.

"While we're starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions," Dan Morrison REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,875 in June 2016. This represents an increase of 1.2 percent compared to the 5,803 units listed in June 2015 and a 6.6 percent decrease compared to May 2016 when 6,289 properties were listed.

“Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,812, a 35.9 percent decline compared to June 2015 (12,181) and a 1.1 percent increase compared to May 2016 (7,726).

The sales-to-active listings ratio for June 2016 is 56.3 percent. While clearly indicative of a seller’s market, this is the lowest this measure has been since February.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark, while home prices often experience upward pressure when it reaches the 20 to 22 percent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $917,800. This represents a 32.1 percent increase compared to June 2015.

Sales of detached properties in June 2016 reached 1,562, a decrease of 18.6 percent from the 1,920 detached sales recorded in June 2015. The benchmark price for detached properties increased 38.7 percent from June 2015 to $1,561,500.

Sales of apartment properties reached 2,108 in June 2016, an increase of 18.8 percent compared to the 1,774 sales in June 2015.The benchmark price of an apartment property increased 25.3 percent from June 2015 to $501,100.

Attached property sales in June 2016 totalled 730, an increase of 7.2 percent compared to the 681 sales in June 2015. The benchmark price of an attached unit increased 28.1 percent from June 2015 to $656,900.

 

 

Download The Full Market Report Here

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.