{"id":5,"date":"2015-07-01T13:44:08","date_gmt":"2015-07-01T17:44:08","guid":{"rendered":"http:\/\/julia.brixwork.com\/blog\/?p=5"},"modified":"2015-10-27T13:46:26","modified_gmt":"2015-10-27T17:46:26","slug":"record-setting-home-sales-in-june","status":"publish","type":"post","link":"https:\/\/www.juliafreeman.ca\/blog\/2015\/07\/record-setting-home-sales-in-june\/","title":{"rendered":"Record Setting Home Sales in June"},"content":{"rendered":"
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\"5e61dffb-a88e-4b8d-a802-5732df2c9346\"<\/a>\"5e61dffb-a88e-4b8d-a802-5732df2c9346\"<\/a>\"5e61dffb-a88e-4b8d-a802-5732df2c9346\"<\/a>Last month was the highest selling June<\/strong>, and the second highest overall monthly total<\/strong>, on record for the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n

The REBGV reports that residential property sales in Metro Vancouver* reached 4,375 on the Multiple Listing Service\u00ae (MLS\u00ae) in June 2015. This represents a 28.4 per cent increase<\/strong> compared to the 3,406 sales recorded in June 2014, and an increase of 7.9 per cent compared to the 4,056 sales in May 2015.<\/p>\n

Last month\u2019s sales were 29.1 per cent above the 10-year sales average for the month. It\u2019s the fourth straight month with over 4,000 sales<\/strong>, which is a first in the REBGV\u2019s history. The previous highest number of residential home sales was 4,434, recorded in May 2005.<\/p>\n

\u201cDemand in our detached home market continues to drive activity across Metro Vancouver,\u201d Darcy McLeod, REBGV president said. \u201cThere were more detached home sales in the region last month than we\u2019ve seen during the month of June in more than 10 years.\u201d<\/p>\n

The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $694,000. This represents a 10.3 per cent increase compared to June 2014.<\/p>\n

\u201cHousing market activity comes in cycles; we’re in an up cycle right now that looks similar to the mid-2000s<\/strong>,\u201d McLeod said. \u201cIt would be easy to point to one factor that’s causing this cycle, but the truth is that it’s a number of different factors.<\/p>\n

“Conditions today are being driven by low interest rates, a declining supply of detached homes, a growing population, a provincial economy that’s outperforming the rest of Canada, pent-up demand from previous years and, perhaps most importantly, the fact that we live in a highly desirable region,” McLeod said.<\/p>\n

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,803 in June. This represents an 8.7 per cent increase compared to the 5,339 new listings reported in June 2014.<\/p>\n

“We\u2019re seeing a steady stream of new listings entering the market, but the overall number of homes for sale is not keeping up with buyer demand<\/strong>,” McLeod said.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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The total number of properties currently listed for sale on the region\u2019s MLS\u00ae is 12,181, a 23.9 per cent decline compared to June 2014 and a 1.3 per cent decline compared to May 2015. This is the lowest active listing total for June since 2006.<\/p>\n

The sales-to-active-listings ratio in June was 35.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2006. A seller\u2019s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time.<\/p>\n

\u201cThe competition in today\u2019s market means that buyers have less time to make decisions,\u201d McLeod said. \u201cGiven this, it\u2019s important to work with your REALTOR\u00ae to gain insight into the local market, to get quick access to new MLS\u00ae listings, to develop a buying strategy that meets your needs and risk appetite, and to receive other services and protections that come from having professional representation.\u201d<\/p>\n

Sales of detached properties in June 2015 reached 1,920, an increase of 31.3 per cent from the 1,462 detached sales recorded in June 2014, and a 74.2 per cent increase from the 1,102 units sold in June 2013. The benchmark price for a detached property in Metro Vancouver increased 14.8 per cent from June 2014 to $1,123,900.<\/p>\n

Sales of apartment properties reached 1,774 in June 2015, an increase of 35.6 per cent compared to the 1,308 sales in June 2014, and an increase of 66.1 per cent compared to the 1,068 sales in June 2013. The benchmark price of an apartment property increased 5.3 per cent from June 2014 to $400,200.<\/p>\n

Attached property sales in June 2015 totalled 681, an increase of 7.1 per cent compared to the 636 sales in June 2014, and a 44.3 per cent increase from the 472 attached properties sold in June 2013. The benchmark price of an attached unit increased 7.1 per cent between June 2014 and 2015 to $506,900.<\/p>\n

*Editor\u2019s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver (REBGV). The REBGV reports that residential … [read more<\/a>]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"_links":{"self":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/5"}],"collection":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/comments?post=5"}],"version-history":[{"count":5,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/5\/revisions"}],"predecessor-version":[{"id":74,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/5\/revisions\/74"}],"wp:attachment":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/media?parent=5"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/categories?post=5"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/tags?post=5"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}