Buyer demand increases while home prices edge up
VANCOUVER, B.C. – July 3, 2014 – The Greater Vancouver housing market enters the
summer season with home buyer activity on the rise.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 3,406 on the Multiple Listing Service® (MLS®) in June 2014. This
represents a 28.9 per cent increase compared to the 2,642 sales recorded in June 2013, and a 3.7
per cent increase compared to the 3,286 sales in May 2014.
Last month’s sales were 0.6 per cent above the 10-year sales average for June of 3,386.
“Competition amongst home buyers today is as strong as it’s been in the region since 2011,” Ray
Harris, REBGV president said.
The sales-to-active-listings ratio currently sits at 21.3 per cent in Greater Vancouver, which is the
highest this measure has been since June 2011.
“Over the last three years, we’ve seen changes in demand yet home prices at the regional level
have remained relative stability,” Harris said. “While these numbers provide high level trends,
it’s important to know that changes in prices always vary depending on neighbourhood and
property type. Consult your local REALTOR® for information on trends in your area of choice.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $628,200. This represents a 4.4 per cent increase compared to June 2013.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,339
in June. This represents a 9.5 per cent increase compared to the 4,874 new listings in June 2013
and a 10.1 per cent decline from the 5,936 new listings in May. Last month’s new listing count
was 2.6 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Greater
Vancouver is 16,011, a 7.4 per cent decline compared to June 2013 and a 0.4 per cent decrease
compared to May 2014.
Sales of detached properties in June 2014 reached 1,462, an increase of 32.7 per cent from the
1,102 detached sales recorded in June 2013, and a 58.7 per cent increase from the 921 units sold in June 2012. The benchmark price for detached properties increased 6.2 per cent from June
2013 to $976,700.
Sales of apartment properties reached 1,308 in June 2014, an increase of 22.5 per cent compared
to the 1,068 sales in June 2013, and a 27.5 per cent increase compared to the 1,026 sales in June
2012. The benchmark price of an apartment property increased 2.4 per cent from June 2013 to
$378,000.
Attached property sales in June 2014 totalled 636, a 34.7 per cent increase compared to the 472
sales in June 2013, and a 53.3 per cent increase over the 415 attached properties sold in June
2012. The benchmark price of an attached unit increased 3.1 per cent between June 2013 and
2014 to $471,200.
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The real estate industry is a key economic driver in British Columbia. In 2013, 28,524 homes changed ownership in
the Board’s area, generating $1.84 billion in economic spin-off activity and 13,977 jobs. The total dollar value of
residential sales transacted through the MLS® system in Greater Vancouver totalled $22 billion in 2013. The Real
Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS® and their
companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more
information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit
www.rebgv.org.
SOURCE: www.rebgv.org