Metro Vancouver’s housing market is showing signs of home sales slowly returning to normalcy. While the homes sales and listing activity in Metro Vancouver are still elevated, there has been some ease from the record-shattering rates of March and April this year. The housing market can still be considered hot with buyers continuing to purchase or renovate homes this year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 3,762 in June 2021, a 54% increase from the 2,443 sales recorded last year, and an 11.9% decrease from the 4,268 homes sold last month.
Last month’s sales were 18.4% above the 10-year June sales average. Areas covered by the REBGV include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
“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,” noted Keith Stewart, REBGV economist. “The past two months have shown a market that’s shifting toward more historically typical conditions.”
June’s Housing Market At A Glance
There were 5,849 detached, attached, and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2021. This shows only about 1.1% increase compared to the 5,787 homes listed last year.
“With low-interest rates, a growing economy, and an improving job market, the Metro Vancouver housing market continues to enjoy solid economic fundamentals,” Stewart said. “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.”
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,839, a 5.1% decrease compared to last year’s numbers, and a 1.2% decrease compared to last month.
June’s Sales-to-Active-Listings Ratio and Composite Benchmark Price
For all property types, the sales-to-active listings ratio for June 2021 is 34.7%. The breakdown is as follows:
Detached homes – 27.5%
Townhomes – 49.2%
Apartments – 37.1%
Analysts expect home prices to dip when the ratio falls below 12% for a sustained period. Home prices often rise when the sales-to-active-listings ratio goes above 20% over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,100. This represents a 14.5% increase over May 2020 and a 0.2% increase compared to last month.
Metro Vancouver Home Sales by Property Type
Detached homes sales in June 2021 reached 1,262, a 45.7% increase from last year’s 866 home sales. The benchmark price for a detached home is $1,801,100. This represents a 22% increase from last year and is virtually unchanged compared to last month.
Attached home sales in June 2021 totaled 726, a 53.8% increase compared to the 472 sales in June 2020. The benchmark price of an attached home is $946,900. This represents a 17.4% increase from June 2020 and a 1.1% increase compared to May 2021.
Apartment home sales reached 1,774 in June 2021, a 60.5% increase compared to last year. The benchmark price of an apartment home is $737,600. This represents an 8.9% increase from last year and a 0.1% increase compared to May 2021.
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