THURSDAY, JULY 14, 2016
VANCOUVER EASTSIDE
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R E A L E S TAT E W E E K LY
Pace of Metro Vancouver Home Sale Growth Sees Summer Cool-Off: Board
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he pace of growth in Greater Vancouver home sales slowed considerably in June, with transactions up only 0.6 per cent compared with the same month last year, and down 7.7 compared with the previous month, the Real Estate Board of Greater Vancouver (REBGV) reported July 5. Despite this, sales were still 28.1 per cent above the 10-year sales average for the month and make last month 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.
Sales and Listings Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6 per cent from the 4,375 sales recorded in June 2015 and a decrease of 7.7 per cent compared to May 2016 when
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4,769 homes sold. So far this year, the market peaked in March, when an all-time high of 5,173 homes were sold in Greater Vancouver. Breaking June’s figures down reveals huge differences between the directions of different property types. There were 1,562 single-family home sales in June, which is a significant decrease of 18.6 per cent from the 1,920 sales recorded in June 2015, and a 16.2 per cent drop compared with May’s 1,865 detached house sales. Townhouse and other attached home transactions told a different story. The total of 730 sales was an increase of 7.2 per cent over the 681 units in June 2015, but a fall of 3.2 per cent compared with May’s 754 townhome sales. Sales of condo-apartment unit continued to outstrip other property types in Metro Vancouver, with 2,108 units changing hands in June 2016, a leap of 18.8 per cent compared with the 1,774 sales in June 2015, albeit a 1.9 per
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cent drop from May 2016’s figure of 2,150 sales. New home listings on the Greater Vancouver MLS ® increased by 1.2 per cent year over year to 5,875 homes. However, this was 6.6 per cent lower than May 2016, with fewer sellers listing their homes as the summer months began. This meant that total active listings at the end of June stood at 7,812, 35.9 per cent down year over year. Interestingly, this is a slight rise of 1.1 per cent over the active listings at the end of the month, reflecting the slowing of sales between May and June. The sales-to-active listings ratio for June 2016 stood at 56.3 per cent. Although this strongly indicates the current seller’s market, this is the lowest ratio since February of this year.
Benchmark Prices The combined residential property type benchmark price in Metro Vancouver xx again in June, at $917,800 – a 31 per cent
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year-over-year rise. The region’s typical single-family home is now priced at $1,561,500, a hike of 38.7 per cent compared with the same month last year, and once more the steepest price rise of all property types. This was a rise of nearly 3.2 per cent since just the previous month. As usual, this overall figure obscures the vast range of detached home prices between different areas. June’s benchmark price of a townhome or other attached unit in Greater Vancouver increased 28.1 per cent over June 2015 to $656,900, up 3.9 per cent compared with May. Condo-apartment benchmark prices in June rose 25.3 per cent compared with June 2015 to $501,100, a rise of 3.3 per cent compared with May. Home prices vary widely throughout the REBGV region. To get a good idea of home prices in a specific location, check the detailed MLS® Home Price Index in the REBGV full statistics package at www. rebgv.org
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