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Greater Vancouver home sales, listings near pre-pandemic levels in June

Citynews 1130 Vancouver

Last Updated Jul 3, 2020 at 10:47 am PDT

FILE - A real estate sign is pictured in Vancouver, B.C., Tuesday, June, 12, 2018. (THE CANADIAN PRESS Jonathan Hayward)
Summary

Residential home sales in the region increased 17.6 per cent in June compared to a year ago

Home sales, however, were still 21.9 per cent below the 10-year June average

Home prices have remained steady with minimal fluctuation over the last few months: REBGV

VANCOUVER (NEWS 1130) — Home sales and listings in Greater Vancouver returned to near pre-pandemic levels in June as the provincial government relaxed health and safety restrictions, while prices remained steady.

Residential home sales in the region totalled 2,443 in June — a 17.6 per cent increase from the 2,077 recorded in the same month a year ago, according to the Real Estate Board of Greater Vancouver.

Sales, however, were still 21.9 per cent below the 10-year June average.

Last month also saw a 64.5 per cent increase from the 1,485 homes sold in May.

“Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place,” said Colette Gerber, chair of the real estate board.

She added realtors are using technological tools to help with showings and sales.

“Much more of the real estate transaction is happening virtually today. Before considering an in-person showing, realtors are helping potential buyers pre-screen homes more thoroughly by taking video tours, reviewing floorplans, and an increased number of high-resolution images, as well as often driving through the neighborhood,” Gerber said.

Meanwhile, home prices have remained steady with minimal fluctuation over the last few months, Gerber said.

“With increasing demand, realtors have begun seeing multiple offers for homes priced competitively for today’s market,” she added.

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The average price for all residential properties in Metro Vancouver is currently $1,025,300 — a 3.5 per cent increase over June last year and a 0.3 per cent decrease compared to May.

Sales of detached homes were up 16.1 per cent from a year ago. The average price for a detached home in the region is $1,464,200 — an increase of 3.6 per cent from June 2019 and up 0.5 per cent from May.

Sales of apartments were up 17.4 per cent in June compared to a year ago, with the average price around $680,800, up 3.6 per cent from last year.

Attached home sales were up 21 per cent in June, with the average price at $790,800 — a 2.3 per cent increase from June 2019.

As for listings, there were 5,787 detached, attached and apartment properties for sale by the Multiple Listing Service in Metro Vancouver in June. That represents a 21.8 per cent increase compared to the 4,751 homes listed in June 2019 and a 57.1 per cent increase compared to May, when 3,684 homes were listed.

The total number of homes currently for sale in the Metro listing system is 11,424 — a 23.7 per cent decrease compared to June 2019, when there were 14,968. But the total is up 15.1 per cent increase compared to May, when there were 9,927.