June 2015 Housing Market Update

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

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