Metro Vancouver home sales hit record pace

June’s home sales in metro Vancouver were a record-breaker for the month and the second highest overall, according to the Real Estate Board of Greater Vancouver.

Residential property sales reached 4,375 on the MLS, a 28.4 per cent increase compared to June 2014 and an increase of 7.9 per cent compared to May’s sales.

The figure is also 29.1 per cent above the 10-year average for June and sets a new record for consecutive months of sales above 4,000 with each of the months from March doing so.

“Demand in our detached home market continues to drive activity across Metro Vancouver,” said Darcy McLeod, REBGV president. “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.”

Prices were up by 10.3 per cent year over year to reach a benchmark $694,000.The benchmark price for a detached property in Metro Vancouver increased 14.8 per cent from June 2014 to $1,123,900.

"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 are up by 8.7 per cent from a year earlier with 5,803 added to the MLS in June 2015, although overall inventory has tightened by 23.9 per cent year over year and 1.3 per cent from May 2015. 

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