Summer is officially here, and the property market in Metro Vancouver is starting to show some real movement. We saw a solid jump in sales last month compared to this time last year—about ten percent, to be exact. It looks like homebuyers are coming back across the board, which is a interesting shift as we move into the hotter months.
Key takeaways
- Home sales rose 10% year-over-year.
- There were 5,900 new listings added to the market in June.
- The sales-to-active-listings ratio sits at 15%, putting the market in a balanced territory.
- Overall benchmark prices for residential properties are holding steady near $1.1 million.
Market activity in June
Realtors recorded roughly 2,400 residential sales throughout June. While this is still a bit lower than what we usually see over a ten-year average, it is a clear improvement from where we were last year. We are seeing gains in every housing type, which suggests a broader interest returning to the market.
On the supply side, there were 5,900 new properties listed. That is a 6% drop from June of last year, though it is technically 6% higher than the ten-year average for the month. We finished the period with about 17,000 active listings on the books.
Measuring supply and demand
To make sense of the balance between supply and demand, we look at the sales-to-active-listings ratio. Historically, if this number stays below 12% for a long time, prices tend to face downward pressure. If it goes above 20% for several months, prices usually see an upward push.
Right now, we are sitting at 15% overall. Here is how that breaks down by home type:
Current benchmark pricing
Even with demand nudging up, prices have stayed fairly stable recently. The benchmark price for all residential homes in the area is currently $1,099,000. That is about 6% lower than where we were last year at this time.
Here is a quick look at what those prices look like per unit:
- Detached homes: $1,843,000
- Townhomes: $1,046,000
- Apartments: $695,000
It will be interesting to watch how this plays out over the rest of the summer. If these current trends continue, we might see inventory keep tightening, which could change things in the coming months.
