Home sale activity has dipped below long-term historical averages, leading to the supply of homes for sale in Metro Vancouver* to reach a three-year high in June. Last month’s sales were 28.7% below the 10-year June sales average. June 2018’s residential property sales were 2,425, down 37.7% from the 3,893 sales recorded in June 2017, and a 14.4% decrease compared to May 2018 when 2,833 homes sold.
“Buyers are less active today. This is allowing the supply of homes for sale to accumulate to levels we haven’t seen in the last few years,” Phil Moore, REBGV president said. “Rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today.”
Read on for the market breakdown.
Total Homes Listed for Sale (detached, attached, and apartment): 11,947
40.3% increase from June 2017 (8,515)
5.8% increase from May 2018 (11,292)
New Property Listings (detached, attached, and apartment): 5,279
7.7% decrease from June 2017 (5,721)
17.2% decrease from May 2018 (6,375)
Sales-to-Active Listings Ratio: 20.3%
Detached: 11.7% (14.7%)
Townhomes: 24.9% (30.8%)
Apartments: 33.4% (41.7%)
Benchmark price for all properties is: $1,093,600
9.5% increase from June 2017
virtually unchanged from May 2018 ($1,094,000)
Benchmark price for a detached property is: $1,598,200
0.7% increase from June 2017
0.6% decrease from May 2018 ($1,608,000)
Detached property sales totaled: 926
42% decrease from June 2017
17.3% decrease from May 2018 (766)
Benchmark price for an apartment property is: $704,200
17.2% increase from June 2017
0.4% increase from May 2018 ($701,700)
Apartment property sales totaled 1,240
34.9% decrease from June 2017
13.4% decrease from May 2018 (1,431)
Benchmark price for an attached unit is: $859,800
15.3% increase from June 2017
virtually unchanged from May 2018 ($859,500)
Attached property sales totaled: 419
37.3% decrease from June 2017
12% decrease from May 2018 (476)
If you’re interested in seeing the complete breakdown, please contact us today and we would be happy to share the reports talking about in our video.
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*REBGV Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
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