Wednesday, July 4, 2018
With home sale activity dipping below long-term historical averages, the supply of homes for sale in Metro Vancouver* reached a three-year high in June.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,425 in June 2018, a 37.7% decline from the 3,893 sales recorded in June 2017, and a 14.4% decrease compared to May 2018.
Last month’s sales were 28.7% below the 10-year June sales average.
“Buyers are less active today. This is allowing the supply of homes for sale to accumulate to levels we haven’t seen in the last few years,” Phil Moore, REBGV president said. “Rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today.”
There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2018. This represents a 7.7% decrease compared to the 5,721 homes listed in June 2017 and a 17.2% decrease compared to May 2018.