The real estate market in Greater Vancouver continues to be blazing hot. Last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver (REBGV). With the weaker loonie, interest rates that continue to remain low, a low supply of homes for sale and higher than average demand, it seems this trend will continue.
Last month’s sales were 29.1% above the 10-year sales average for the month. It’s the fourth straight month with over 4,000 sales, which is a first in the REBGV’s history. The previous highest number of residential home sales was 4,434, recorded in May 2005.
“Demand in our detached home market continues to drive activity across Metro Vancouver,” Darcy McLeod, REBGV president said. “There were more detached home sales in the region last month than we’ve seen during the month of June in more than 10 years.”
East Vancouver, in particular, is extremely competitive in the detached home market segment. June finished with an extremely low 1.5 months' supply of inventory. This represents a very strong seller's market. Having said that, all market segments on Vancouver's east and west sides finished with less than 3 months supply of inventory, which means now is a great time to be a seller.
“Housing market activity comes in cycles; we're in an up cycle right now that looks similar to the mid-2000s,” McLeod said. “It would be easy to point to one factor that's causing this cycle, but the truth is that it's a number of different factors. He went on to say, "Conditions today are being driven by low interest rates, a declining supply of detached homes, a growing population, a provincial economy that's outperforming the rest of Canada, pent-up demand from previous years and, perhaps most importantly, the fact that we live in a highly desirable region.".
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See below for info on Vancouver's east and west sides. Contact me if you'd like more information on this, or on an area not covered here.
Here are the stats: