VANCOUVER WEST JUNE HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release starts the summer beating the heat as June mimics previous months in 2018. Comparatively it’s not so hot. Supply is compounding to a three year high while demand is shrinking due to the latest usual suspects: interest rates, strict mortgage rules and high prices. These roadblocks for buyers are not only slowing price growth for apartments and townhomes but the sales-to-active-listings ration level indicates detached homes are at the threshold of a buyers’ market. Last month total residential sales decline 37.7 percent compared to June 2017. While June to June new listings decrease 7.7 percent the total inventory of listed properties is up 40.3 percent year to year. The composite value of all Metro Vancouver properties is up 9.5 percent last month over the previous June.
The graph shows the average price of Metro Vancouver detached properties diminishing by 1.8 percent from May to June. The benchmark price for detached houses last month compared to June 2017 is up 0.7 percent. The volume of house sales is down year to year by 42 percent.
Last month versus June 2017 Vancouver west detached prices are 6.5 percent lower. Year to year west side house sales decline 29 percent. June to June inventory drops 31.4 percent.
May to June this year sales of west side houses are down 12.1 percent. Month to month detached inventory falls 12.4 percent.