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

Last Updated Jul 5, 2021 at 1:41 pm PDT

A new home is displayed for sale in a new housing development in Ottawa on Tuesday, July 14, 2020. THE CANADIAN PRESS/Sean Kilpatrick
Summary

The number of homes sold in the region totalled 3,762 last month, down 11.9 per cent from the 4,268 sold in May

June sales were 18.4 per cent above the 10-year average for that month

The benchmark price for residential properties was $1.175 million, up 0.2 per cent from the prior month

VANCOUVER — The real estate market in Metro Vancouver eased in June from its record-setting pace in March and April, but prices remained steady compared to May.

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

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

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

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

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Apartment home sales surged 60.5 per cent to 1,774, with a price of $737,600 that was up 8.9 per cent from the prior year, while sales of attached homes increased 53.8 per cent to 726. The benchmark price of $946,900 was up 17.4 per cent from June 2020, but just 1.1 per cent 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 per cent to 5,849, but that marked an 18 per cent decrease from May. Total listings decreased 5.1 per cent from a year ago to 10,839.

Stewart said low interest rates, a growing economy, and an improving job market are 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.”

This report by The Canadian Press was first published July 5, 2021.

The Canadian Press