Vancouver-area home sales cooled slightly in June

The total number of homes sold in the Metro Vancouver area last month was 3,762, down 11.9 per cent from May, according to theReal Estate Board of Greater Vancouver (REBGV).

But while sales dropped month over month, June's total sales were still up 54 per cent from the same month last year, and were 18.4 per cent above the 10-year June sales average.

Prices have also increased in the past year. The benchmark price for all residential properties in the Metro Vancouver area in June was $1.175 million, a 14.5 per cent increase from last June.

"Metro Vancouver's housing market continues to experience strong sellers' market conditions, although the intensity of demand has eased from what we saw throughout most of the spring," REBGV economist Keith Stewart said.

Sales of detached homes rose 45.7 per cent, with a benchmark price of $1.8 million that was 22 per cent higher than June of last year, but virtually unchanged from May.

Apartmentsales surged 60.5 per cent, with a benchmarkprice of $737,600, which was up 8.9 per cent from the prior year, while sales of attached homes increased 53.8 per cent. The benchmark price of $946,900was up 17.4 per cent from June 2020.

New listings increased 1.1 per cent year over year, but that marked an 18 per cent decrease from May.

Stewart said low interest rates, a growing economy and an improving job market arecontinuing to create solid economic fundamentals for the Metro Vancouver housing market.

"We're now seeing a market that's beginning to normalize from the torrid pace in the spring. 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.''