The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in\u00a0the region totalled 3,893 in June 2017, an 11.5 per cent decrease from the 4,400 sales recorded in\u00a0June 2016, an all-time record, and a decrease of 10.8 per cent compared to May 2017 when\u00a04,364 homes sold.<\/p>\n
Last month\u2019s sales were 14.5 per cent above the 10-year June sales average.<\/p>\n
\u201cTwo distinct markets have emerged this summer. The detached home market has seen demand lease back to more typical levels while competition for condominiums is creating multiple offer\u00a0scenarios and putting upward pressure on prices for that property type,\u201d Jill Oudil, REBGV\u00a0president said.<\/p>\n
There were 5,721 detached, attached and apartment properties newly listed for sale on the\u00a0Multiple Listing Service\u00ae (MLS\u00ae)<\/dfn>\u00a0in Metro Vancouver in June 2017. This represents a 2.6 per\u00a0cent decrease compared to the 5,875 homes listed in June 2016 and a 5.3 per cent decrease\u00a0compared to May 2017 when 6,044 homes were listed.<\/p>\n The total number of properties currently listed for sale on the MLS\u00ae system in Metro Vancouver\u00a0is 8,515, a nine per cent increase compared to June 2016 (7,812) and a 4.2 per cent increase\u00a0compared to May 2017 (8,168).<\/p>\n \u201cHome buyers have more selection to choose from in the detached market today while\u00a0condominium listings are near an all-time low on the MLS\u00ae,\u201d Oudil said. \u201cDetached home\u00a0listings have increased every month this year, while the number of condominiums for sale has\u00a0decreased each month since February.\u201d<\/p>\n For all property types, the sales-to-active listings ratio for June 2017 is 45.7 per cent. By\u00a0property type, the ratio is 24.5 per cent for detached homes, 62 per cent for townhomes, and 93.2\u00a0per cent for condominiums.<\/p>\n Generally, analysts say that downward pressure on home prices occurs when the ratio dips below\u00a0the 12 per cent mark for a sustained period, while home prices often experience upward pressure\u00a0when it surpasses 20 per cent over several months.<\/p>\n \u201cMarket conditions will vary today depending on area and property type,\u201d Oudil said. \u201cIt\u2019s\u00a0important to work with your local REALTOR\u00ae to help you understand the trends that are\u00a0occurring in your community.\u201d<\/p>\n The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro\u00a0Vancouver is currently $998,700. This represents a 7.9 per cent increase over June 2016 and a\u00a01.8 per cent increase compared to May 2017.<\/p>\n Sales of detached properties in June 2017 reached 1,320, a decrease of 15.5 per cent from the\u00a01,562 detached sales recorded in June 2016. The benchmark price for detached properties is\u00a0$1,587,900. This represents a 1.4 per cent increase from June 2016 and a 1.1 per cent increase\u00a0compared to May 2017.<\/p>\n Sales of apartment properties reached 1,905 in June 2017, a decrease of 9.6 per cent compared to\u00a0the 2,108 sales in June 2016. The benchmark price of an apartment property is $600,700. This\u00a0represents a 17.6 per cent increase from June 2016 and a 2.9 per cent increase compared to May\u00a02017.<\/p>\n Attached property sales in June 2017 totalled 668, a decrease of 8.5 per cent compared to the 730\u00a0sales in June 2016. The benchmark price of an attached unit is $745,700. This represents a 10.7\u00a0per cent increase from June 2016 and a 0.6 per cent increase compared to May 2017.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in\u00a0the region totalled 3,893 in June 2017, an 11.5 per cent decrease from the 4,400 sales recorded … [read more<\/a>]<\/p>\n","protected":false},"author":2,"featured_media":333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[19,20],"tags":[105,148,147,146,8,4,149,51,3],"_links":{"self":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/332"}],"collection":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/comments?post=332"}],"version-history":[{"count":3,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/332\/revisions"}],"predecessor-version":[{"id":336,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/332\/revisions\/336"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/media\/333"}],"wp:attachment":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/media?parent=332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/categories?post=332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/tags?post=332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}