Temperatures weren’t the only thing that broke records in June.
Hopefully you like your landlord because property prices and sales soared last month, according to the Real Estate Board of Greater Vancouver.
June was the second best month in the board’s history. The sale price of detached homes in Vancouver is said to have been $1.442 million – that’s a 14.8 per cent increase from last year’s $1,200,539 price tag. But despite the increase in the price, 4,060 homes were purchased last month.
“Demand in our detached home market continues to drive activity,” board president Darcy McLeod said in a statement. “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.”
There was an increase in townhouses and condo sales as well. According to the REBGV there was a 35.6 per cent increase in condo sales, meaning 1,774 were purchased in the last month; townhouse sales only increased by 7.1 per cent to 681.
All three types of properties sold 29.1 per cent more than the 10 year average sales for June.