Boom! New record for Vancouver, Fraser Valley home sales

Vancouver home sales continue to set new highs and 2016 can now add the highest-ever sales figure for June to the records. There were 4,400 sales in metro Vancouver, up 0.6 per cent from a year earlier and 28.1 per cent above the 10-year average. The benchmark price of all property types rose 32.1 per cent from a year earlier to $917,800.

Sales were driven by apartments (up 18.8 per cent) with a benchmark price of $501,100 – up 25.3 per cent from a year earlier. Detached home sales were down 18.6 per cent compared to a year earlier with the benchmark price up 38.7 per cent to $1,561,500.

Data from the Real Estate Board of Greater Vancouver shows that the record high for June came despite a 7.7 per cent decrease from May which had 4,769 sales as inventory slightly improved.

"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 REBGV president said. “Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade.”

Although there was a 1.1 per cent rise in inventory in June compared to May, there were still 35.9 per cent fewer listings than in June 2015.

Meanwhile, Fraser Valley Real Estate Board reported its highest-ever sales for June this year with 2,864 sales surpassing the 2005 previous-record of 2,517. The figure was up 18.7 per cent from June 2015 although down 1.5 per cent from May 2016. The benchmark price of a detached home was up 41.3 per cent year-over-year to $861,600.

“Demand for Fraser Valley homes grips the market, tightly. Still, we are seeing a slight leveling-off that while not drastic, is giving both buyers and sellers a bit more room to maneuver,” said Charles Wiebe, President of the Board.

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