Metro Vancouver’s housing market continues to edge toward a buyer’s market, according to data released July 4 by the Real Estate Board of Greater Vancouver.
Metro Vancouver’s home-sales-to-listings ratio has fallen for the fourth month in a row as residential property sales last month hit a 10-year low for the month of June.
This comes on the heels of both May and April having the lowest number of sales for those months since 2001.
“Overall conditions have trended in favour of buyers in our marketplace in recent months,” said REBGV president Eugin Klein in a release. “This means buyers are facing less competition and have more selection to choose from compared with earlier in the year.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,617 in June. This represents a 3% decline compared with June 2011 when 5,793 properties were listed for sale on the multiple listing service (MLS). It is also an 18.9% decline compared with the 6,927 new listings reported in May 2012.
At 18,493, the total number of residential property listings on the MLS increased 22% from this time last year and increased 3.7% compared with May 2012.
Sales of detached properties on the MLS in June 2012 reached 921, a decrease of 37.4% from the 1,471 detached sales recorded in June 2011. It was also a 19.1% decrease from the 1,139 units sold in June 2010. The benchmark price for detached properties increased 3.3 per cent from June 2011 to $961,600.
Sales of apartment properties reached 1,026 in June 2012, a 19% decrease compared with the 1,266 sales in June 2011. It was also a decrease of 18.4% compared with the 1,258 sales in June 2010. The benchmark price of an apartment property increased 0.3% from June 2011 to $376,200.
Attached property sales in June 2012 totaled 415, which was a 21% decrease compared with the 525 sales in June 2011. It was also a 27.8% decrease from the 575 attached properties sold in June 2010. The benchmark price of an attached unit decreased 0.1% between June 2011 and 2012 to $468,400.
