Vancouver-area home sales cooled slightly in June

Vancouver-area home sales cooled slightly in June

Sales in June subsided from record-setting pace in March and April

 
Benchmark prices for residential properties increased by 14.5 per cent from last June. (Jonathan Hayward/The Canadian Press)

The total number of homes sold in the Metro Vancouver area last month was 3,762, down 11.9 per cent from May, according to the Real Estate Board of Greater Vancouver (REBGV).

But while sales dropped month over month, June's total sales were still up 54 per cent from the same month last year, and were 18.4 per cent above the 10-year June sales average.

Prices have also increased in the past year. The benchmark price for all residential properties in the Metro Vancouver area in June was $1.175 million, a 14.5 per cent increase from last June.

"Metro Vancouver's housing market continues to experience strong sellers' market conditions, although the intensity of demand has eased from what we saw throughout most of the spring," REBGV economist Keith Stewart said.

Sales of detached homes rose 45.7 per cent, with a benchmark price of $1.8 million that was 22 per cent higher than June of last year, but virtually unchanged from May.

Apartment sales surged 60.5 per cent, with a benchmark price of $737,600, which was up 8.9 per cent from the prior year, while sales of attached homes increased 53.8 per cent. The benchmark price of $946,900 was up 17.4 per cent from June 2020.

New listings increased 1.1 per cent year over year, but that marked an 18 per cent decrease from May. 

Stewart said low interest rates, a growing economy and an improving job market are continuing to create solid economic fundamentals for the Metro Vancouver housing market.

"We're now seeing a market that's beginning to normalize from the torrid pace in the spring. This is making multiple offers less common, allowing subjects to be seen on offers more frequently again, and is making new price records less likely.''

POPULAR NOW IN NEWS

RECOMMENDED FOR YOU

COMMENTS

To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Pseudonyms will no longer be permitted.

By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. We reserve the right to close comments at any time.

Become a CBC Member

Join the conversationCreate account

Already have an account?

 
 
 
 
30COMMENTS
 
 

COMMENTING IS NOW CLOSED FOR THIS STORY.

 
  • 1 day ago
According to Richmond News, July 5, 2021: Sixty-nine million adults in China and HK are considering immigrating to Canada. The chances of sixty nine million is relatively slim but this sure tells you something about where home prices will always go. Good thing there is so much land on the NWT or Nunavut for the rest of us.
  •  
 
 
  • 1 day ago
Just wait till they cool next year with a 40% decrease in price . It’s coming.
  •  
 
 
  • 1 day ago
Vancouver prices can’t be compared to prices elsewhere in BC. Small town pricing is a more realistic reflection of what is affordable. Now the flood of mainlanders is washing back when the reality of access to the convenience of the big city sets in. Small town BC is not as attractive to international investments as once thought.
  •  
 

Footer Links

Contact CBC

Audience Relations, CBC
P.O. Box 500 Station A
Toronto, ON
Canada, M5W 1E6

Toll-free (Canada only):
1-866-306-4636

TTY/Teletype writer:
1-866-220-6045

Accessibility

It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges.

Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem.

Comments:
No comments

Post Your Comment:

Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.