June 2015 Market Update

The Real Estate Board of Greater Vancouver (REBGV) released a report “Metro Vancouver Home Sales Set Record Pace in June.”
It was the highest selling June on record for REBGV.

  • Sales increased 28.4% compared to June 2014
  • Sales increased 7.9% compared to May 2015

“There were more detached home sales in the region last month than we’ve seen during the month of June in more than 10 years.” Darcy McLeod, REBGV president said. This is what we realtors are seeing right now. If the home is priced right, it gets sold very quickly. Buyers are smart, they’ve been looking at homes for a while and when they see a sharply priced home, they snatch it up quickly.

REBGV president also pointed out that we are in an up cycle that is similar to the mid-2000s and “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,”

The Sales-to-Active ratio in June was 35.9% for Metro Vancouver, the highest it has been since June 2006. This ratio indicates a seller’s market. Read the New Release here.