REBGV June 2017 Market Update Video

Click on the image above to view our June 2017 market update video featuring Board President Jill Oudil.

Demand for condo continues to outstrip supply with a sales-to-active ratio at 93%. Detached home market has returned to Seller’s market with sales-to-active ratio at 25%.

Overall, the sales-to-active ratio has decreased over the last month but the ratio remained above 12% so we will probably not see any price reduction.

The graph below shows the average sales-to-active ratio for all property types in All of Greater Vancouver (REBGV), Richmond, Vancouver and Burnaby.

What I’ve learned from last year was that although the sales-to-active ratio had declined, the sales price did not as long as it remained above around 12%. For single family houses, the price started to drop when the ratio dipped to 13% in August 2016 before it bounced up in February 2017.

In Toronto, homeĀ sales collapsed by more than 37% in June as compared to same month last year. New listings shot up by nearly 16% but prices still increased by an average of 6.3%.