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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!
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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