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Vancouver Housing Sales Continue Declining With June Sales Down Steeply

Home sales around the Vancouver-area fell sharply in June compared with the month before and same time a year earlier

VANCOUVER – Vancouver area Home sales continue declining with June Sales down steeply, both from May and a year earlier.

The Real Estate Board of Greater Vancouver (REBG)said sales of 2,077 were off 21 per cent compared to May, and 14 per cent below the year-ago level.

REBG’s benchmark, a price adjusted for a variety of factors, was down 9.6 per cent year-over-year and 0.8 per cent on a monthly basis.

Prices for apartment-style condos were down 8.9 per cent from the previous June and 1.95 per cent compared to May, averaging $655,000, reported News 1130.

The benchmark price for single-detached houses was down 10.9 per cent year-over-year, but still topped $1.4 million.

“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” REBGV president, Ashley Smith, says.

She adds, “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”

Meantime, the REBGV says there were fewer detached, attached, and apartment-style properties put up for sale in Metro Vancouver last month compared to the same time last year.

The board notes 4,751 properties were newly listed on the Multiple Listing Service in June of this year, compared with 5,279 homes listed in June of 2018.

The number of properties listed was also down from the month before, when 5,861 homes were listed.

“Home buyers haven’t had this much selection to choose from in five years,” Smith says.

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