Vancouver-area home sales fall in June: REBGV
Posted July 3, 2019 9:40 am.
Last Updated July 3, 2019 9:44 am.
VANCOUVER (NEWS 1130) – Home sales in the Vancouver-area fell sharply in June, both from the previous month and a year earlier.
An industry group says sales of 2,077 were off 21 per cent compared to May, and 14 per cent below the year-ago level.
The Real Estate Board of Greater Vancouver’s benchmark, a price adjusted for a variety of factors, was down 9.6 per cent year-over-year and 0.8 per cent on a monthly basis.
Prices for apartment-style condos were down 8.9 per cent from the previous June and 1.95 per cent compared to May, averaging $655,000.
The benchmark price for single-detached houses was down 10.9 per cent year-over-year, but still topped $1.4 million.
“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” REBGV president, Ashley Smith, says.
She adds, “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”
Housing supply
Meantime, the REBGV says there were fewer detached, attached, and apartment-style properties put up for sale in Metro Vancouver last month compared to the same time last year.
The board notes 4,751 properties were newly listed on the Multiple Listing Service in June of this year, compared with 5,279 homes listed in June of 2018.
The number of properties listed was also down from the month before, when 5,861 homes were listed.
“Home buyers haven’t had this much selection to choose from in five years,” Smith says.
