Home sales in Greater Vancouver increased 6.4% in June compared with one month prior, bringing the total number of sales to 2,921 – the highest level in more than three years – according to the Canadian Real Estate Association.
Greater Vancouver home sales comprised more than 40% of the provincial total of 7,221 sales, which was an increase of 2.8% compared with May. Nationally, prices increased 0.8%, with total residential sales across Canada reaching 41,186.
The average sale price in June was $800,689, which is an increase of 0.7% over the month and more than 98% higher than the national average of $404,317. The average sale price across B.C. was $558,526.
June saw 4,826 new residential real estate listings in Vancouver, which is 1.8% higher than in May. The number of listings across the province saw an increase of 0.2%, to 12,790. Nationally, there was a 0.6% increase to 76,794.
“At least some of the recent burst in new supply [nationally] reflects the slow start to the year, when a harsh winter caused many sellers to delay listing their homes in many parts of the country,” said CREA chief economist Gregory Klump. “In markets with tight supply and strong demand, the strength of sales in recent months reflects how many properties were snapped up once they finally hit the market.
“Because the impact of deferred listings and sales has likely run its course, activity over the second half of the year may not be able to maintain the kind of pace we’ve seen over the past couple of months.”
All figures are seasonally adjusted. The CREA compiles its monthly data from select MLS systems from real estate boards and associations across Canada, including the British Columbian Real Estate Association.
CREA numbers differ from those provided by Teranet in that Teranet uses what it refers to as “repeat sales methodology,” which means that figures refer to an aggregation of home value changes for homes that have been sold at least twice in a particular time frame.
