The resale housing market continued to improve in June across Canada, the Conference Board of Canada reported today.
In B.C., Victoria saw a jump of 14.1% compared to May, while Vancouver resales rose 6.4% and Fraser Valley resales rose 6.9%.
Listings were down from May in 16 of the markets the conference board surveyed.
Listings in June rose 2.7% in Victoria and 5.2% Vancouver compared with May, but dropped 2.9% in the Fraser Valley.
However, compared with June 2012, listings in all three markets were down: 15.8% in Victoria, 10.6% in Vancouver and 11% in the Fraser Valley.
Across Canada, the conference board said that “balanced conditions” were found in 26 markets in June, up from 22 in May. The board noted that only Thunder Bay could be considered a seller’s market.
Home prices across the country are also starting to look more “solid,” according to the conference board. Prices are either rising or declining at a less rapid pace in most markets surveyed.
Vancouver and Victoria saw house price gains in June, both year over year and compared with the previous month. Vancouver home prices rose 0.9% compared with May and 8.8% compared with June 2012. Victoria prices rose 8.6% month-over-month and 5.9% year-over-year.
Fraser Valley prices declined 0.2% compared with May and 0.4% compared with June 2012.
“The large jump in Vancouver's average price was the result of a large number of pricey detached homes changing hands,” said the conference board’s report. “This hike is likely to be partly reversed in the coming months, given that this market remains tentative.”
