Last month, housing market activity in Metro Vancouver continued to dial back from the record-setting levels seen in March and April, easing the region into a calmer pace at the beginning of the summer.
In June, 3,762 residential home sales took place, according to new data published by the Real Estate Board of Greater Vancouver (REBGV) this week. This marks an 11.9 percent decrease from the 4,268 homes that were sold during May 2021, but a 54 percent increase from the 2,443 home sales that were recorded during the same month in 2020. Last month’s sales were also reported to be 18.4 percent above the 10-year June sales average.
“Metro Vancouver’s housing market continues to experience strong seller’s market conditions, although the intensity of demand has eased from what we saw throughout most of the spring,” said REBGV Economist Keith Stewart in the market report.
“The past two months have shown a market that’s shifting toward more historically typical conditions,” he added.
Prices in Metro Vancouver were up from 2020 levels but made little progress between May and June in 2021. Last month, the MLS Home Price Index composite benchmark for all residential properties in the region hit $1,175,100, a 14.5 percent year-over-year increase and a minor 0.2 percent rise from May.
Between the three types of properties REBGV analyzes — detached, attached and apartments — 5,849 properties were newly listed on MLS in Metro Vancouver during June. Compared to the same month in 2020, when 5,787 homes were listed, this represents a 1.1 percent annual increase. However, the number of homes placed on the market last month was a considerable drop compared to May 2021, when 7,125 properties were listed, equating to a 17.9 percent month-to-month decrease in supply.
Currently, there are 10,839 homes available for sale on Metro Vancouver’s MLS, down 5.1 percent from June 2020 and 1.2 percent from May 2021 when there were 10,970 active listings. The sales-to-active listings ratio for all property types in June was 34.7 percent, REBGV says.
“We’re now seeing a market that’s beginning to normalize from the torrid pace in the spring,” said Stewart in the report. “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.”
Between the three REBGV property types, detached homes fared the best on a yearly basis in terms of price growth. In June, 1,262 detached home sales transacted, a 45.7 percent year-over-year increase. The benchmark price of a detached home rose 22 percent annually to $1,801,100, but was mostly unchanged from May 2021.
Apartment sales reported remarkable growth compared to June 2020, when 1,105 properties changed hands. Last month, 1,774 apartment homes were sold, posting a 60.5 percent annual increase. The price of an apartment was up 8.9 percent from June 2020 and 0.1 percent from May to $737,600.
Attached homes sales were up 53.8 percent year-over-year to 726 transactions in June. The price of an attached home, which hit $946,900, increased by 17.4 percent from the same month last year and 1.1 percent month-to-month.
