Metro Vancouver's housing market slowed down in June 2021

Jul 10 2021, 1:47 am

The Real Estate Board of Greater Vancouver (REBGV) is reporting home sales in Metro Vancouver over the month of June 2021 saw a slight slowdown from the record-setting pace experienced earlier in the year.

A total of 3,762 homes were sold in REBGV’s jurisdiction in June 2021, representing a 12% decrease from the 4,268 homes sold in May 2021, and a 54% year-over-year increase over June 2020.

But the sales for the month were still 18.4% above the 10-year average for June.

“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 a statement.

“The past two months have shown a market that’s shifting toward more historically typical conditions.”

June 2021 saw 5,849 homes newly listed for sale, which is a 1.1% year-over-year uptick, and an 18% decrease compared to the previous month.

The total number of homes listed for sale at the end of June 2021 was 10,839 — a 5.1% year-over-year decrease, and a 1.2% drop from May 2021.

The sales-to-active listings ratio across all property types over the month was 34.7%, with 27.5% for detached homes, 49.2% for townhomes, and 37% for apartments.

Economists say a downward pressure on home prices generally occurs when the ratio dips below 12%, while home prices often trend upward when the ratio exceeds 20% over several months.

The benchmark price for all residential properties under REBGV’s jurisdiction at the end of last month was $1.175 million — a 14.5% increase over June 2020, and a 0.2% increase from May 2021.

REBGV’s jurisdiction covers Vancouver, Burnaby, New Westminster, Richmond, Pitt Meadows, Sunshine Coast, and all of the Tri-Cities and North Shore. Other areas such as Surrey, Langley, and White Rock are part of the Fraser Valley Real Estate Board.

June 2021 home sales statistics: REBGV

  • Detached homes
    • Number of units sold: 1,262 (+45.7% over June 2020)
    • Active listings: 4,581
    • Benchmark price: $1,801 (+22% over June 2020; 0.0% over May 2021)
    • Average days on market: 23
  • Apartment homes
    • Number of units sold: 1,774 (+60.5% over June 2020)
    • Active listings: 4,781
    • Benchmark price: $737,600 (+8.9% over June 2020; +0.1% over May 2021)
    • Average days on market: 21
  • Townhouse sales
    • Number of units sold: 726 (+53.8% over June 2020)
    • Active listings: 1,477
    • Benchmark price: $946,900 (+17.4% over June 2020; +1.1% over May 2021)
    • Average days on market: 16

Kenneth ChanKenneth Chan

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