Thursday, July 6, 2017
The imbalance between supply and demand in the condominium market is creating home buyer competition across Metro Vancouver.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,893 in June 2017, an 11.5% decrease from the 4,400 sales recorded in June 2016, an all-time record, and a decrease of 10.8% compared to May 2017.
Last month’s sales were 14.5% above the 10-year June sales average.
“Two distinct markets have emerged this summer. The detached home market has seen demand ease back to more typical levels while competition for condominiums is creating multiple offer scenarios and putting upward pressure on prices for that property type,” Jill Oudil, REBGV president said.
There were 5,721 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2017. This represents a 2.6% decrease compared to the 5,875 homes listed in June 2016 and a 5.3% decrease compared to May 2017 when 6,044 homes were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,515, a nine per cent increase compared to June 2016 and a 4.2 % increase compared to May 2017.