Greater Vancouver home sales now below $1 million benchmark that held for more than two years

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Greater Vancouver home sales now below $1 million benchmark that held for more than two years

Greater Vancouver home sales now below $1 million benchmark that held for more than two years
Vancouver residential home sales hit their lowest monthly total in 19 years this June.

According to the Real Estate Board of Greater Vancouver (REBGV), this marks a 14.4 per cent decrease from June 2018, which recorded 2,425 sales. It also marks a 21.3 per cent decrease from the 2,638 homes sold in May 2019.

“We’re continuing to see an expectation gap between homebuyers and sellers in Metro Vancouver. Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach,” said Ashley Smith, REBGV president, in a press release.

Both attached homes and apartments saw a sales decrease from May at 0.6 and 1.4 per cent, respectively. Only detached homes saw a sales increase with a meagre 0.1 per cent compared to May.

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 9.6 per cent decrease over June 2018 and a 0.8 per cent decrease compared to May 2019.

This is the first time the composite benchmark has been below $1 million since May 2017.

Despite the relentless decrease in sales, there have never been more listings in the Greater Vancouver market. The total number of homes currently listed for sale on the MLS system in Metro Vancouver is 14,968, a 25.3 per cent increase compared with that in June 2018 (11,947) and a 1.9 per cent increase compared to May 2019 (14,685).

The sales-to-active-listings ratio for June was 13.9 per cent.

Areas covered by the Real Estate Board of Greater Vancouver include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler.

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