How is the June 2019 real estate market in Vancouver? With homebuyer demands below long-term historical averages in June, the supply of homes for sale continues to build up in Metro Vancouver.
Did you miss last month’s update? See last month’s update here.
The Latest Report from REBGV
In the latest market report from the Real Estate Board of Greater Vancouver (REBGV), residential home sales in the region totalled 2,077 in June 2019, that is a 14.4 per cent decrease from the 2,425 sales that were recorded in June 2018 and a 21.3 per cent decrease from the 2,638 homes sold in May 2019.
Last month’s sales were 34.7 per cent below the 10-year June sales average. This is the lowest total for the month since 2000.
Vancouver’s Increasing Supply
There were 4,751 detached, attached and condo properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver for June 2019. This represents a 10 per cent decrease compared to the 5,279 homes listed in June 2018 and an 18.9 per cent decrease compared to May 2019 when 5,861 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,968, a 25.3 per cent increase compared to June 2018 (11,947) and a 1.9 per cent increase compared to May 2019 (14,685).
“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” said Ashley Smith, REBGV president. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”
“Home buyers haven’t had this much selection to choose from in five years,” Smith said. “For sellers to be successful in today’s market, it’s important to work with your local REALTOR® to make sure you’re pricing your home for these conditions.”
June 2019 Sales-to-active listings ratio
In June 2019, the sales-to-active listings ratio for all property types is 13.9 per cent. By property type, the ratio is 11.4 per cent for detached homes, 15.8 per cent for townhomes, and 15.7 per cent for condos.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
The Benchmark Price of Greater Vancouver Homes
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 9.6 per cent decrease over June 2018 and a 0.8 per cent decrease compared to May 2019.
This is the first time the composite benchmark has been below $1 million since May 2017.
Detached Home Sales
Sales of detached homes in June 2019 reached 746, a 2.6 per cent decrease from the 766 detached sales recorded in June 2018. The benchmark price for detached properties is $1,423,500. This represents a 10.9 per cent decrease from June 2018 and a 0.1 per cent increase compared to May 2019.
Vancouver’s Detached Market
There were a total of 85 sales of detached homes in Vancouver East, while Vancouver West had 60. This is a decrease in sales from last month. In May Vancouver East had 124 sales and Vancouver West had 86.
In Vancouver West, the benchmark price for detached homes in June was $2,912,000. This is a 0.5% decrease compared to May.
Vancouver East detached homes had a benchmark price of $1,350,100. A 0.2% increase from the previous month.
Burnaby’s Detached Market
Across Burnaby, there were a total of 60 sales of detached homes. This decreased compared to last month’s 67 detached homes sold.
Burnaby North benchmark price of $1,399,800 and Burnaby South benchmark price of $1,496,100 for detached homes saw a decrease of 0.6% and 0.8% respectively. The benchmark price of Burnaby East increased by 1.5% to $1,180,600.
Sales of condos reached 941 in June 2019, a 24.1% decrease compared to the 1,240 sales in June 2018. The benchmark price of an apartment is $654,700. This represents an 8.9% decrease from June 2018 and a 1.4% decrease compared to May 2019.
Vancouver’s Condo Market
Vancouver East and Vancouver West condo markets for June 2019 both saw a decrease in benchmark prices by 2.7% and 1.9%. The benchmark prices for Vancouver East is $554,100 and Vancouver West is $744,300.
The number of sales in Vancouver East was 87 while Vancouver West had a total of 254 sales. Last month Vancouver East sold 142 condos while Vancouver West sold 319.
Burnaby’s Condo Market
The condo market in Burnaby saw a total of 128 sales in June. A decrease from May’s 154 sales.
Burnaby East condos benchmark price for June is $736,100. This is a 1.6% decrease since last month. The benchmark price for North Burnaby in June is $607,800, a 1.2% decrease since May. Burnaby South benchmark price decreased since last month by 1.5% for a June benchmark price of $666,200.
Attached Home Sales
Attached home sales in June 2019 totalled 390, a 6.9% decrease compared to the 419 sales in June 2018. The benchmark price of an attached unit is $774,700. This represents an 8.6% decrease from June 2018 and a 0.6% decrease compared to May 2019.
Vancouver’s Attached Market
Vancouver East had a total of 43 sales in the attached market, a decrease from last month’s 60 sales. Vancouver West market had 41 attached homes sold in June. This is a decrease from May’s 55 sales.
The benchmark price in June for Vancouver East townhomes is $861,500. This is a 1.4% decrease since last month. Vancouver West benchmark price increased in June by 0.9% at $1,125,800.
Burnaby’s Attached Market
In June, Burnaby had a total of 52 sales for attached homes. A small decrease from May’s 58 sales.
Burnaby North, South and East townhomes benchmark price saw decreases of 0.7%, 2.4% and 1.9%.
The benchmark price for Burnaby East townhouses in June is $644,300. Burnaby North townhomes benchmark price is $725,500. While Burnaby South’s benchmark price for townhouses is $762,600.