Fewer homes on the market in Metro Vancouver means fewer sales but there is no sign that property values will drop anytime soon, according to the latest Real Estate Board of Greater Vancouver statistics (REBGV).
In fact, prices jumped slightly in June from May in Coquitlam, Port Coquitlam and Port Moody, and given that May was a blistering month for home sales and price hikes, it appears house prices are holding steady.
"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," Dan Morrison, the REBGV president, said in a press release.
According to the latest numbers, property sales in the region totalled 4,400 in June, an increase of just 0.6% from June 2015 but a drop of 7.7% compared to May of this year, when 4,749 homes sold.
Still, last month’s sales were 28.1% above the 10-year sales average for the month and rank as the highest selling June on record.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,875 in June. This represents an increase of 1.2% compared to the 5,803 units listed the previous June but a 6.6% decrease compared to May 2016, when 6,289 properties were listed.
The total number of properties currently listed for sale on Metro's MLS is 7,812, a 35.9% decline compared to June 2015 (12,181) and a 1.1% increase compared to May 2016 (7,726), suggesting that a few people are looking at high prices received from homes this spring and are taking the plunge but, overall, people are staying put.
The composite benchmark price for all residential properties in Metro Van (including single-family homes, condos and townhouses) is $917,800, up 32.1% from June 2015.
REBGV numbers show fewer detached home sales in June 2016 (1,562, or an 18.6% decline, compared to the 1,920 detached sales recorded in June 2015). Meanwhile, the benchmark price for detached properties increased 38.7% from June 2015 to $1,561,500.
Market action is instead in the buying and selling of apartment properties, which saw an increase in sales of 18.8% between June this year and June 2015, or 2,108 sales compared to 1,774. Correspondingly, the benchmark price of an apartment property increased 25.3% from June 2015 to $501,100.
Attached property sales in June 2016 totalled 730, an increase of 7.2% compared to the 681 sales in June 2015. The bench mark price of an attached unit increased 28.1% from June 2015 to $656,000.
In the Tri-Cities, the monthly residential composite price increase also rose between May and June as follows:
• Coquitlam: +2.4% to $774,800
• Port Coquitlam: +2.0% to $585,000
• Port Moody: +1.2% to $759,600.
