Short supply is pushing condominium sales prices higher as buyers compete for units, according to the Real Estate Board of Greater Vancouver (REBGV).
The number of condos listed for sale on the MLS has decreased every month since February, pushing listings closer to an all-time low. The sales-to-active listings ratio for condos was 93.2%; anything higher than 20% is associated with upward price pressure.
Condo prices across Greater Vancouver increased 17.6% year-over-year in June, landing at an average of $600,700. On the other hand, detached home prices increased a more modest 1.4% over the year, reaching an average sale price of $1,587,900.
“Two distinct markets have emerged this summer,” said REBGV president Jill Oudil. “The detached home market has seen demand ease back to more typical levels while competition for condominiums is creating multiple-offer scenarios and putting upward pressure on prices for that property type.”
The number of condos sold fell year-over-year as supply was unable to keep up with demand. In June, 1,905 units changed hands, which is a decrease of 9.6% compared with June 2016. A total of 1,320 detached houses sold in the month – a drop of 15.5% year-over-year.
REBGV stats include those for Vancouver, West Vancouver, North Vancouver, Burnaby, Coquitlam, New Westminster, Richmond, Port Moody, Port Coquitlam, Pitt Meadows, Maple Ridge, South Delta, Whistler, the Sunshine Coast and Squamish. They do not include Surrey or Langley.
@EmmaHampelBIV
