June Market Review

Buyer Demand Increases While Prices Edge Up In Greater Vancouver

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,406 on the MLS® in June 2014. This represents a 28.9% increase compared to the 2,642 sales recorded in June 2013, and a 3.7% increase compared to the 3,286 sales in May 2014. 

Last month’s sales were 0.6% above the 10-year sales average for June of 3,386.
“Competition amongst home buyers today is as strong as it’s been in the region since 2011,” REBGV president said. The sales-to-active-listings ratio currently sits at 21.3% in Greater Vancouver, which is the highest this measure has been since June 2011. “Over the last three years, we’ve seen changes in demand yet home prices at the regional level have maintained relative stability,” REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,339 in June. This represents a 9.5% increase compared to the 4,874 new listings in June 2013 and a 10.1% decline from the 5,936 new listings in May. Last month’s new listing count was 2.6% below the region’s 10-year new listing average for the month.
Sales of detached properties in June 2014 reached 1,462, an increase of 32.7% from the 1,102 detached sales recorded in June 2013, and a 58.7% increase from the 921 units sold in June 2012. 

Sales of apartment properties reached 1,308 in June 2014, an increase of 22.5% compared to the 1,068 sales in June 2013, and a 27.5% increase compared to June 2012. 

Attached property sales in June 2014 totalled 636, a 34.7% increase compared to the 472 sales in June 2013, and a 53.3% increase over the 415 attached properties sold in June2012.