Detached home prices fall in many Metro Vancouver markets as early summer sales see “steady, calmer pace”

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      The price of a typical detached home in markets served by the Real Estate Board of Greater Vancouver (REBGV) stayed flat in June.

      A new report by the board notes that the benchmark price of $1,801,100 was “virtually unchanged” from the previous month of May.

      However, prices of condos and attached homes increased last month, but only slightly.

      Moreover, the REBGV reported that prices of single-family homes in many areas across the region fell month-over-month in June 2021.

      In East Vancouver, the price dipped -0.8 percent to $1,696,500 in June compared to May.

      Also, a typical detached home Bowen Island saw a -0.9 percent month-over-month percent decrease in June to $1,381,900;

      Burnaby East, -2 percent, $1,440,000;

      Burnaby South, -0.6 percent, $1,755,200;

      Ladner, -0.6 percent, $1,285,200;

      New Westminster, -1.6 percent, $1,290,000;

      Port Coquitlam, -1.6 percent, $1,232,800;

      Richmond, -1.1 percent, $1,910,500;

      Squamish, -2.8 percent, $1,355,700; and

      Sunshine Coast, -0.5 percent, $834,100.

      In a report Monday (July 5), the REBGV stated that sales of detached homes in June 2021 totalled 1,262.

      The tally represents a 45.7 percent increase from the 866 detached sales recorded in June 2020.

      The benchmark price for detached properties of $1,801,100 was a 22 percent increase from June 2020.

      Meanwhile, condo sales reached 1,774 in June 2021, a 60.5 percent increase compared to the 1,105 sales in June 2020.

      The board noted that the benchmark price of an apartment was $737,600 last month.

      This price represents an 8.9 percent increase from June 2020, and a 0.1 percent increase over May 2021.

      Attached home sales totalled 726 in June 2021. That’s 53.8 percent increase compared to the 472 sales in June 2020.

      Also, the benchmark price of an attached home was $946,900 in June. This means a 17.4 percent increase from June 2020, and a 1.1 percent increase compared to May 2021.

      The REBGV headlined its report as one of a market that has set a “steady, calmer pace to begin the summer season”.

      Board economist Keith Stewart said that Metro Vancouver “continues to experience strong seller’s market conditions”.

      However, the “intensity of demand has eased” from last spring.

      “The past two months have shown a market that’s shifting toward more historically typical conditions,” Stewart said.

      Realtors sold a total of 3,762 homes in June 2021.

      The number represents a 54 percent increase from the 2,443 sales recorded in June 2020, and an 11.9 percent decrease from 4,268 in May 2021.

      The board covers Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.