Metro Vancouver real estate sales eased in June as benchmark price was flat

The real estate market in Metro Vancouver eased in June from its record-setting pace in March and April.

The Real Estate Board of Greater Vancouver says the number of home sold in the region totalled 3,762 last month, up 54% from the 2,443 sales recorded a year earlier, but down 11.9% from the 4,268 sold in May 2021.

Sales last month were 18.4% above the 10-year June sales average.

The benchmark price for all residential properties in Metro Vancouver was $1.175 million, a 14.5% increase from last June and up 0.2% from the prior month.

Sales of detached homes rose 45.7% to 1,262, with a benchmark price of $1.8 million that was 22% higher on the year but virtually unchanged from May.

Apartment home sales surged 60.5% to 1,774, with a price of $737,600 that was up 8.9% from the prior year, while sales of attached homes increased 53.8% to 726. The benchmark price of $946,900 was up 17.4% from June 2020, but just 1.1% higher than May.

“Metro Vancouver’s housing market continues to experience strong seller’s market conditions, although the intensity of demand has eased from what we saw throughout most of the spring,” REBGV economist Keith Stewart said.

New listings increased 1.1% to 5,849, but that marked an 18% decrease from May. Total listings decreased 5.1% from a year ago to 10,839.

Stewart said low interest rates, a growing economy and an improving job market is continuing to create solid economic fundamentals for the Metro Vancouver housing market.

“We’re now seeing a market that’s beginning to normalize from the torrid pace in the spring. This is making multiple offers less common, allowing subjects to be seen on offers more frequently again, and is making new price records less likely.”

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.