In June 2016, Metro Vancouver’s residential property sales increased 0.6 per cent year-over-year to reach a total of 4,400 sales. This figure is a 7.7 per cent decline from May 2016 results, when 4,769 homes were sold. However, this June 2016 figure is 28.1 per cent above the 10-year sales average for the month, making it 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,” said Dan Morrison, REBGV president, in a press release.
There were a total of 5,875 new listings in June 2016, rising 1.2 per cent year-over-year. The month’s results continue to fall short of the previous month, dropping 6.6 per cent month-over-month from May 2016, when there were 6,289 properties listed.
“Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison added.
The total number of properties listed for sale on the MLS system in Metro Vancouver is 7,812, which is a 35.9 per cent drop compared to June 2015, when there were 12,181 properties listed, but an increase compared to the 7,726 properties listed in May 2016.
The sales-to-active listings ratio for June 2016 is 56.3 per cent, indicating a seller’s market, yet this figure is the lowest it has been since February.
The MLS Home Price Index composite benchmark price for all residential properties in the Metro Vancouver region grew 32.1 per cent year-over-year to $917,800.
In apartment properties, both sales and benchmark price rose year-over-year, with the number of sales increasing 18.8 per to 2,108, and the price of an apartment growing 25.3 per cent to $501,100.
Sales of detached homes in June 2016 dipped 18.6 per cent year-over-year to 1,562 as the benchmark price for detached properties jumped 38.7 per cent to $1,561,500.
There were also a total of 730 attached property sales, which is a 7.2 per cent increase compared to June 2015. The benchmark price of an attached property climbed 28.1 per cent year-over-year to $656,900.