As the supply of homes for sale continues to accumulate in Metro Vancouver, a new report by the Reals Estate Board of Greater Vancouver (REBGV) shows that housing sales have dropped significantly in the region.
The report shows that last month (June 2019), a total of 2,077 residential homes were sold in Metro Vancouver—a 14.4 percent decrease in sales from the 2,424 homes that were sold during the same month in 2018.
It also indicates a 21.3 percent decrease in homes sales from the 2,638 homes that were sold in May 2019.
Last month’s homes sales were 34.7 percent below the 10-year June sales average and the lowest total for the month since 2000, according to REBGV.
REBGV president Ashley Smith said the real estate market continues “to see an expectations gap between home buyers and sellers in Metro Vancouver”.
“Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach,” Smith said in a statement.
Data by the REBGV highlights that in June, a total of 4,751 detached, attached, and apartment properties were newly listed for sale in Metro Vancouver.
This represents a 10 percent decrease in home supply compared to June last year, which listed 5,279 homes, and an 18.9 percent decrease compared to the number of homes that were listed in May 2019.
Last month a total of 14,968 homes were listed for sale in Metro Vancouver—a 25.3 percent increase compared to the number of homes listed in June 2018.
“Home buyers haven’t had this much selection to choose from in five years,” Smith added. “For sellers to be successful in today’s market, it’s important to work with [their] local realtor to make sure [they’re] pricing [their] homes for these conditions.”
In June, a total of 746 detached homes, 941 apartment homes, and 390 attached homes were sold across Metro Vancouver.
According to the REBGV, currently, the benchmark price for all residential properties in Metro Vancouver is $998,700, which indicates a nearly 10 percent decrease compared to June 2018.
This is the first time the benchmark price for homes in Metro Vancouver has been below $1 million since May 2017.