June 2015 sets the new high in “Home Sales in June” of all time; for the sake of comparison, here are some figures for us to ponder:
- 2nd highest of Overall Monthly Total on record,
- 4375 residential property sales (highest on record being May 2005 (4,434 sales)).
- +28.4% vs. 3,406 sales of June 2014; +7.9% vs. 4,056 sales of May 2015.
- +29.1% vs. the 10-year Sales Average for the month.
- the 4th straight month with over 4,000 sales, a 1st in the history of REBGV;
- The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $694,000. (+10.3% vs. June 2014).
“Demand in our detached home market continues to drive activity across Metro Vancouver,” Darcy McLeod, REBGV president said, “There were more detached home sales in the region last month than we’ve seen during the month of June in more than 10 years.”
“Housing market activity comes in cycles; we're in an up cycle right now that looks similar to the mid-2000s,” McLeod said. “It would be easy to point to one factor that's causing this cycle, but the truth is that it's a number of different factors.
"Conditions today are being driven by low interest rates, a declining supply of detached homes, a growing population, a provincial economy that's outperforming the rest of Canada, pent-up demand from previous years and, perhaps most importantly, the fact that we live in a highly desirable region," McLeod said.
New listings for detached, attached and apartment properties in Metro Vancouver totaled 5,803 in June (+8.7% vs. 5,339 in June 2014).
"We’re seeing a steady stream of new listings entering the market, but the overall number of homes for sale is not keeping up with buyer demand," McLeod said.
The total number of properties currently listed for sale on the region’s MLS® is 12,181 (-23.9% vs. June 2014; -1.3% vs. May 2015). This is the lowest active listing total for June since 2006.
The sales-to-active-listings ratio in June was 35.9%. This is the highest that this ratio has been in Metro Vancouver since June 2006. A seller’s market typically occurs when this ratio exceeds 20% for a sustained period of time.
“The competition in today’s market means that buyers have less time to make decisions,” McLeod said. “Given this, it’s important to work with your REALTOR® to gain insight into the local market, to get quick access to new MLS® listings, to develop a buying strategy that meets your needs and risk appetite, and to receive other services and protections that come from having professional representation.”
Here are the various types of property’s Sales Activity comparison,
June 2015: June 2014: June 2013 :
1,920 sales (+31.3% vs. 1,462 in June 2014; +74.2% vs. 1,102 in June 2013).
Benchmark Price +14.8% from June 2014, to $1,123,900.
1,774 sales (+35.6% vs. 1,308 in June 2014; +66.1% vs. 1,068 in June 2013).
Benchmark Price +5.3% from June 2014, to $400,200.
681 sales (+7.1% vs. 636 in June 2014; +44.3% vs. 472 in June 2013).
Benchmark Price +7.1% from June 2014, to $506,900.
*Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.