Greater Vancouver housing market favoured buyers
in June
The number of
residential property sales hit a 10-year low in Greater Vancouver for June,
while prices remained relatively stable.
The Real Estate Board
of Greater Vancouver (REBGV) reports that residential property sales of
detached, attached and apartment properties reached 2,362 in June, a 27.6
per cent decline compared to the 3,262 sales in June 2011 and a 17.2 per
cent decline compared to the 2,853 sales in May 2012.
June sales were the
lowest total for the month in the region since 2000 and 32.2 per cent below
the 10-year June sales average of 3,484.
“Overall conditions
have trended in favour of buyers in our marketplace in recent months,”
Eugen Klein, REBGV president said. “This means buyers are facing less
competition and have more selection to choose from compared to earlier in
the year.”
New listings for
detached, attached and apartment properties in Greater Vancouver totalled
5,617 in June. This represents a 3 per cent decline compared to June 2011
when 5,793 properties were listed for sale on the MLS® and an 18.9 per cent
decline compared to the 6,927 new listings reported in May 2012.
At 18,493, the total
number of residential property listings on the MLS® increased 22 per cent
from this time last year and increased 3.7 per cent compared to May 2012.
“Today, our
sales-to-active-listings ratio sits at 13 per cent, which puts us in the
lower end of a balanced market. This ratio has been declining in our market
since March when it was 19 per cent,” Klein said.
The MLSLink® Housing
Price Index (HPI) composite benchmark price for all residential properties
in Greater Vancouver over the last 12 months has increased 1.7% and
declined 0.7% compared to last month.
Sales of detached
properties on the MLS® in June 2012 reached 921, a decrease of 37.4 per
cent from the 1,471 detached sales recorded in June 2011, and a 19.1 per
cent decrease from the 1,139 units sold in June 2010. The benchmark price
for detached properties increased 3.3 per cent from June 2011 to $961,600.
Sales of apartment
properties reached 1,026 in June 2012, a 19 per cent decrease compared to
the 1,266 sales in June 2011, and a decrease of 18.4 per cent compared to
the 1,258 sales in June 2010. The benchmark price of an apartment property
increased 0.3 per cent from June 2011 to $376,200.
Attached property sales
in June 2012 totalled 415, a 21 per cent decrease compared to the 525 sales
in June 2011, and a 27.8 per cent decrease from the 575 attached properties
sold in June 2010. The benchmark price of an attached unit decreased 0.1
per cent between June 2011 and 2012 to $468,400.
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