The Metro Vancouver real estate market slowed in June from its record pace in March and April.
The Real Estate Board of Greater Vancouver says the number of homes sold in the area totaled 3,762 last month, up 54% from 2,443 sales a year earlier, but down 11.9% compared to the 4,268 sold in May 2021.
Sales last month were 18.4% above the 10-year sales average in June.
The benchmark price for all residential properties in Metro Vancouver was $ 1.175 million, an increase of 14.5% from last June and 0.2% from the previous month.
Sales of single-family homes rose 45.7 percent to 1,262, with a benchmark price of $ 1.8 million, 22 percent higher than in May, but virtually unchanged from May.
Apartment house sales jumped 60.5% to 1,774, with a price of $ 737,600, up 8.9% from the previous year, while semi-detached home sales increased 53.8% to 726. The benchmark price of $ 946,900 was up 17.4% from June. 2020, but only 1.1% more than in May.
“The Metro Vancouver housing market continues to experience seller-friendly market conditions, although the intensity of demand has eased from what we have seen for most of the spring,” said the REBGV economist Keith Stewart.
New listings rose 1.1% to 5,849, but that marked an 18% decline from May. Total registrations were down 5.1% from a year ago to 10,839.
Stewart said low interest rates, a growing economy and an improving labor market continue to create a solid economic foundation for the Metro Vancouver housing market.
“We are now seeing a market starting to normalize from the hectic pace of spring. This makes multiple offers less common, allows subjects to be seen on the offers again more frequently, and makes new price records less likely. “
This report by The Canadian Press was first published on July 5, 2021.