Vancouver housing market Photo: keepitsurreal/Flickr

Some 4,375 homes changed hands across Greater Vancouver’s Multiple Listing Service (MLS) in June — the second highest monthly total ever, just 59 transactions shy of the all-time record of 4,434 set in May 2005.

According to the Real Estate Board of Greater Vancouver (REBGV), June sales were 29.1 per cent above the 10-year sales average for the month and 28.4 per cent above June 2014 levels. It was also the fourth straight month with over 4,000 sales, a first in the REBGV’s history.

“Demand in our detached home market continues to drive activity across Metro Vancouver,” said REBGV president Darcy McLeod in a statement. “There were more detached home sales in the region last month than we’ve seen during the month of June in more than 10 years.”

Prices

And yes, prices keep climbing too. The composite benchmark price for all property types in Metro Vancouver ended the month at $694,000, up 10.3 per cent from a year ago.

“Housing market activity comes in cycles; we’re in an up cycle right now that looks similar to the mid-2000s,” McLeod said. “It 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. 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.”

Regional and property type-specific highlights from the report

  • The benchmark price for detached houses across the region climbed 14.8% year-over-year to end the month at $1,123,900 — a new all-time high.
  • The benchmark price of a single-family home on the West Side of Vancouver proper hit $2,599,700 in June, up 15% from a year earlier
  • The typical price of a detached home on Vancouver’s East Side ended the month at $1,093,900, representing an 19.2% year-over-year increase
  • For the condo segment, Whistler again posted the biggest year-over-year price gain, with the benchmark price rising 31.1% from June 2014 to $270,300
  • The benchmark price of a townhome in Pitt Meadows climbed 12.7% year-over-year to end the month at $363,100

For more, the complete REBGV statistics package can be seen here.

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