June 2016 Housing Market Update

Home buyers continue to compete for homes across Metro Vancouver

Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6% from June 2015 and a decrease of 7.7% compared to May 2016. However, June’s sales were still 28.1% above the 10-year sales average and is rank as the highest selling June on record.

While there is an increase in properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions, causing bidding wars to continue. Last month the sales-to-active listings ratio is 56.3% which is indicative of a seller’s market, but interestingly this is the lowest this measure has been since February.

june-2016

Overall Benchmark Price Summary:

  • The benchmark price for detached properties increased 38.7% from June 2015 to $1,561,500.
  • The benchmark price of an apartment property increased 25.3% from June 2015 to $501,100.
  • The benchmark price of an attached unit increased 28.1% from June 2015 to $656,900.

Detached Home Benchmark Price by City:

  • Burnaby East $1,249,900
  • Burnaby North $1,631,500
  • Burnaby South $1,674,300
  • Coquitlam $1,217,300
  • Ladner $1,042,800
  • Maple Ridge $692,500
  • New Westminster $1,095,600
  • North Vancouver $1,664,100
  • Pitt Meadows $760,600
  • Port Coquitlam $916,300
  • Port Moody $1,379,700
  • Richmond $1,700,200
  • Squamish $762,400
  • Sunshine Coast $462,600
  • Tsawwassen $1,272,500
  • Vancouver East $1,511,500
  • Vancouver West $3,547,300
  • West Vancouver $3,261,600
  • Whistler $1,272,100

*Source: The Real Estate Board of Greater Vancouver

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