"Demand in our detached home market continues to drive activity across Metro Vancouver," said Darcy McLeod, president of the Real Estate Board Greater Vancouver (REBGV), told REP in a release. "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."
The comments highlight B.C. residential markets such as Richmond, which is providing an alternative to living in downtown Vancouver as the smaller suburbs are offering more affordable homes.
In Richmond, 238 detached homes were sold at an average price of $1.229-million, which has risen 20 per cent compared to this time last year. This marks the fourth straight month in the Metro Vancouver where sales have topped 4,000, a first in REBGV history.
What’s more, townhouse sales rose 3.5 per cent, with the average price jumping 5.7 per cent to $568,500. Condo sales rose sharply, up 34.8 per cent, though the average price dropped 8.7 per cent to $339,900 in Richmond.
Overall, the numbers were also the second-highest overall monthly total according to the Real Estate Board following residential property sales in Metro Vancouver reached 4,375 on the MLS in June 2015, which represents a 28.4 per cent increase compared to 3,406 sales recorded in June 2014. The numbers also featured an increase of 7.9 per cent compared to the 4,056 sales in May 2015.
The MLS Home Price Index benchmark price for all residential properties in Metro Vancouver is currently $694,000, which represents a 10.3 per cent increase compared to June 2014.
"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," McLeod said.
Metro Vancouver’s hot housing market reached new heights in June as sales in Richmond saw a rise of more than 43 per cent compared to the number of homes sold in the same month in 2014.