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VANCOUVER, BC – July 5, 2016 – Home buyers continue to compete for homes listed for sale across the Metro Vancouver housing market.

Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6 percent from the 4,375 sales recorded in June 2015 and a decrease of 7.7 percent compared to May 2016 when 4,769 homes sold.

Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as 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," Dan Morrison REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,875 in June 2016. This represents an increase of 1.2 percent compared to the 5,803 units listed in June 2015 and a 6.6 percent decrease compared to May 2016 when 6,289 properties were listed.

“Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,812, a 35.9 percent decline compared to June 2015 (12,181) and a 1.1 percent increase compared to May 2016 (7,726).

The sales-to-active listings ratio for June 2016 is 56.3 percent. While clearly indicative of a seller’s market, this is the lowest this measure has been since February.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark, while home prices often experience upward pressure when it reaches the 20 to 22 percent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $917,800. This represents a 32.1 percent increase compared to June 2015.

Sales of detached properties in June 2016 reached 1,562, a decrease of 18.6 percent from the 1,920 detached sales recorded in June 2015. The benchmark price for detached properties increased 38.7 percent from June 2015 to $1,561,500.

Sales of apartment properties reached 2,108 in June 2016, an increase of 18.8 percent compared to the 1,774 sales in June 2015.The benchmark price of an apartment property increased 25.3 percent from June 2015 to $501,100.

Attached property sales in June 2016 totalled 730, an increase of 7.2 percent compared to the 681 sales in June 2015. The benchmark price of an attached unit increased 28.1 percent from June 2015 to $656,900.

 

 

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Home buyers were active in Metro Vancouver last month, with home sales well exceeding the 10-year average for September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,922 on the Multiple Listing Service® (MLS®) in September 2014. This represents a 17.7 percent increase compared to the 2,483 sales in September 2013, and a 5.4 percent increase over the 2,771 sales in August 2014.

Last month’s sales were 16.1 per cent above the 10-year sales average for the month and rank as the third highest selling September over that period.

“September was an active period for our housing market when we compare it against typical activity for the month,” Ray Harris, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver* totalled 5,259 in September. This represents a 4.6 percent increase compared to the 5,030 new listings in September 2013 and a 33.5 percent increase from the 3,940 new listings in August. Last month’s new listing total was 0.4 percent above the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,832, an 8 per cent decline compared to September 2013 and a 0.4 percent increase compared to August 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $633,500. This represents a 5.3 percent increase compared to September 2013.

“Gains in home values are being led by the detached home market. Condominium and townhome properties are not experiencing the same pressure on prices at the moment,” Harris said. “Individual trends can vary depending on different factors in different areas, so it’s important to do your homework and work with your REALTOR® when you’re looking to determine the market value of a home.”

Sales of detached properties in September 2014 reached 1,270, an increase of 24.1 percent from the 1,023 detached sales recorded in September 2013, and a 113.8 percent increase from the 594 units sold in September 2012. The benchmark price for detached properties increased 7.3 percent from September 2013 to $990,300.

Sales of apartment properties reached 1,188 in September 2014, an increase of 16.7 percent compared to the 1,018 sales in September 2013, and a 75.7 percent increase compared to the 676 sales in September 2012. The benchmark price of an apartment property increased 3.3 percent from September 2013 to $378,700.

Attached property sales in September 2014 totalled 464, a 5 percent increase compared to the 442 sales in September 2013, and an 88.6 percent increase over the 246 attached properties sold in September 2012. The benchmark price of an attached unit increased 4.2 percent between September 2013 and 2014 to $477,700.

 

 

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