June 2015 housing market was the second highest selling month on record

The REBGV reports that residential property sales in Metro Vancouver reached 4,375 in June 2015. This represents a 28.4% increase compared to the 3,406 sales recorded in June 2014, and an increase of 7.9% compared to the 4,056 sales in May 2015.

Last month’s sales were 29.1% above the 10-year sales average for the month. It’s the fourth straight month with over 4,000 sales, which is a first in the REBGV’s history.

“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,” said Darcy McLeod, REBGV president.

Source: Real Estate Board of Greater Vancouver