“We’re now seeing a market that’s beginning to normalize from the torrid pace in the spring. This is making multiple offers less common, allowing subjects to be seen on offers more frequently again, and is making new price records less likely.”
For all property types, the sales-to-active listings ratio for June 2021 is 34.7%. By property type, the ratio is 27.5% for detached homes, 49.2% for townhomes, and 37.1% for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,100. This represents a 14.5% increase over June 2020 and a 0.2% increase compared to May 2021.
Sales of detached homes in June 2021 reached 1,262, a 45.7%. The benchmark price for detached properties is $1,801,100. This represents a 22% increase from June 2020 and is virtually unchanged from May 2021.
Sales of apartment homes reached 1,774 in June 2021, a 60.5% increase compared to sales in June 2020. The benchmark price of an apartment is $737,600. This represents a 8.9% increase from June 2020 and a 0 % increase compared to May 2021.
Attached home sales in June 2021 totalled 726, a 53% increase compared to June 2020. The benchmark price of an attached home is $946,900. This represents a 17.4% increase from June 2020 and a 1.1% increase compared to May 2021.