June 2019 brought us sunny days and basketball praise! For the first time in NBA history, a Canadian team, the Toronto Raptors, won it all in an exciting Championship game! The Greater Vancouver Real Estate Market saw the composite benchmark price dip below $1 million for the first time since May 2017 to $998,700.
The Real Estate Board of Greater Vancouver reports that home sales in Metro Vancouver were 2,077 for June. This is a 21.3% decrease from May 2019 (2,638) and a 14.4% decrease from this time last year (2,425).
Newly listed properties in June for Metro Vancouver reached 4,751 for all property types. This equates to a 18.9% decrease from May 2019 (5,861) and an 10% decrease compared to June 2018 (5,279).
Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw a decrease in the combined sales-to-active ratio from last month putting us in the lower end of a balanced market with 13.9%.
Broken down by property type, the sales-to-active ratio for June was 11.4% for detached homes, 15.8% for townhouses, and 15.7% for condos. This means that both townhouses and condos are back in a Balanced Market whereas the detached sector has moved into a Buyer's Market.
The benchmark price for all residential homes has decreased to $998,700. This is the first time since May 2017 that the benchmark price is below $1 million. The benchmark price is 0.8% lower than May 2019 and a 9.6% decrease since June 2018.
The total sales for June 2019 were 2,077. This works out to 746 detached homes with a benchmark price of $1,423,500, 390 townhouses with a benchmark price of $774,700, and 941 apartments with a benchmark price of $654,700.
Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!