VANCOUVER WEST JUNE TOWNHOME 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 displays a minor decrease of 0.6 percent from May to June for the average attached unit price in Metro Vancouver. Last month compared to June 2017 the benchmark townhouse price rises by 15.3 percent. Year to year the volume of townhome sales is down 37.3 percent.
Last month versus June 2017 Vancouver west townhouse prices are up 7.6 percent. This June compared to last June attached unit sales are down 27.5 percent. Year to year inventory is at par.
From May to June west side attached sales pivot on previous gains via a 9.1 percent drop. Month to month Vancouver west attached inventory is down 23.6 percent.