Metro Vancouver’s Housing Market Has Eased From the Record-Breaking Activities Saw in March
Quick Summary:
- June 2021’s home sales increased by 18.4% from the 10-year sales average record of June.
- In June 2021 there was a 54% increase from June 2020 in the number of residential houses listed for sale in the metro Vancouver region. According to the Real Estate Board of Greater Vancouver, there are about 3,762 homes listed for sale.
- The benchmark price for the residential homes listed in Metro Vancouver was $1,175,100, which is a 14.5% increase from the benchmark price in June 2020.
Sale-to-Active-Listing Saw a Moderate Decrease
- In June 2021 the sales-to-active-listings ratio was 34.7%, the market remains as a seller’s market for all housing types. A recap::
- A ratio below 12% typically indicates that the market is a buyer’s market.
- A consistent trend of ratio above 20% indicates that the market is a seller’s market.
- June’s sales-to-active listings ratio for different home types:
- Detached homes: 27.5%
- Townhomes: 49.2%
- Apartments: 37.1%
- Although the housing market is not as active compared to the earlier months, It is actually showing a more normal condition. As a result, the price records have become more stable. In addition, The recovering job market and low-interest rate contribute to the healthy housing market.
*Images/numbers from REBGV report.