first half of the month<\/a>, signals that Vancouver\u2019s housing market is recovering from the worst effects of the pandemic shutdown continued for the remaining weeks of June. <\/p>\nThere were 2,443 home sales in the Vancouver region in June, according to data released last week by the Real Estate Board of Greater Vancouver (REBGV). That\u2019s up 17.6 percent over the total recorded in June 2019, marking the first time since March that home sales in the region increased compared to the same month a year prior. <\/p>\n\n
Vancouver region home sales in May were down 43.7 percent while April saw a 39.4 percent decline. <\/p>\n
June\u2019s promising market performance came as COVID-19 transmission in BC has been effectively contained and the province sits comfortably in phase three of its reopening plan. Meanwhile, real estate industry professionals have continued to adapt to the precautions required to operate in the current environment. <\/p>\n
\u201cMuch more of the real estate transaction is happening virtually today. Before considering an in-person showing, REALTORS\u00ae are helping potential buyers pre-screen homes more thoroughly by taking video tours, reviewing floorplans and an increased number of high-resolution images, as well as often driving through the neighbourhood,\u201d said REBGV Chair Colette Gerber, in a media release.<\/p>\n
While the year-over-year sales increase will provide a much-needed boost to market confidence, June 2020\u2019s transactions total was still nearly 22 percent below the 10-year sales average for the month. The Vancouver market spent much of the previous year putting up dismal sales numbers as it adjusted to increased supply and a mismatch between sellers\u2019 and buyers\u2019 price expectations. June 2019 represented the worst sales performance for the month since 2000. <\/p>\n
All that is to say, even as the pandemic dealt a blow to transaction volume, the market didn\u2019t exactly have a deep hole to dig itself out of when getting back into sales growth territory.<\/p>\n
The Vancouver region\u2019s MLS Home Price Index benchmark price for June was $1,025,300, a 3.5 percent increase over the same period last year and down 0.3 percent from May. The benchmark price of a detached home in the region was $1,464,200, up 3.6 percent from a year before and an increase of 0.5 percent over May. For resale condos, the benchmark price was $680,800, up 3.6 percent from June 2019 and down 0.8 percent from May.<\/p>\n
\u201cHome prices have remained steady with minimal fluctuation over the last few months,\u201d Gerber said. \u201cWith increasing demand, REALTORS\u00ae have begun seeing multiple offers for homes priced competitively for today\u2019s market.\u201d<\/p>\n
![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2019\/06\/vancouver-housing-market-3.jpg\")
<\/a>Photo:\u00a0Mike Benna<\/a>\/Unsplash<\/a><\/em><\/p>\n