Market balanced in Vancouver: real estate board

Summarizing June statistics, the REBGV noted sales were up 9.8% from last year and the benchmark house price has risen 8.7% since last year to reach $630,921.

“With sales below the 10-year average and home listings above what’s typical for the month, activity in June brought closer alignment between supply and demand in our marketplace,” said Rosario Setticasi, REBGV president. “With a sales-to-active listings ratio of nearly 22%, it looks like we’re in the upper end of a balanced market.”

Setticasi pointed out the largest price increases have remained in the detached-home market on the west side of the city and in West Vancouver.

“Since the end of May, the benchmark price of a detached home rose more than $147,000 on the west side of Vancouver and over $80,000 in West Vancouver,” he said. “Detached home prices in Richmond, however, levelled off slightly, declining $25,000 in June.”

Apartment sales were only slightly up in June to 1,266 from 1,258 a year before. The benchmark apartment price was up 3.5% from June 2010 to $405,000.

Attached property sales were down 8.7% from a year earlier to reach 525. But the benchmark price was up 6% for an attached unit compared to last year, reaching $522,424.

Much of the latest increase in price for Vancouver has been attributed to foreign-Chinese investors over the past year, but a new report out said most of these buyers were actually Chinese immigrants already in Canada.

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