Several major market real estate boards have released their respective June statistics. These are the results.
In what will come as no surprise to anyone, real estate in the Rain City continued to sizzle.
“While we're starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions," Dan Morrison REBGV president said.
June’s sales totaled 4,400 in metro Vancouver, up 28.1% above the 10-year average.
The average home sold for $917,800 last month, up 32.1% year-over-year; the average detached property, meanwhile, sold for $1,561,500 in June – an increase of 38.7% year-over-year.
The average home price increased a slight 0.4% month-over-month in June, coming in at $502,400. That represents a 3.4% drop year-over-year.
“The detached market has been gradually moving towards more balanced conditions, helping to prevent price levels from declining at the faster rates we saw in the previous two quarters,” said CREB chief economist Ann-Marie Lurie. “While this is welcomed news for sellers, it’s very likely that pricing challenges will persist in the housing market until economic conditions start to improve.”
Sales fell 11.1% year-over-year in June, with 1,117 homes changing hands.
Prices, meanwhile, stayed relatively unchanged increasing 0.1% year-over-year. Single-family homes sold for an average of $435,366, falling 1.1% month-over-month.
The average selling price for homes in Toronto increased 16.8% year-over-year, selling for $746,546 in June.
“When TREB surveyed consumer intentions for 2016, we found that the majority of GTA households who were likely to purchase a home continued to be pointed towards some form of ground oriented housing,” Jason Mercer, TREB’s Director of Market Analysis, said. This is why we continue to see strong competition between buyers in many neighbourhoods where supply remains constrained.”
As the cliché goes, all real estate is local. And that adage proves true, once again, in June.