Vancouver June House Stats Don’t Lie

Burning Pockets

Money must be burning holes in Vancouver home Buyer’s pockets as today the Real Estate Board of Vancouver confirmed record sales and higher prices.

For Better or Worse

Best-Worst

Depending on your perspective you might think it is a good thing that “last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver (REBGV).” If you were selling you were definitely in the ‘for better’ line.

If you were hoping to buy a home you might think that things couldn’t get ‘worse’ as “the REBGV reports that residential property sales in Metro Vancouver* reached 4,375 on the Multiple Listing Service® (MLS®) in June 2015. This represents a 28.4 per cent increase compared to the 3,406 sales recorded in June 2014, and an increase of 7.9 per cent compared to the 4,056 sales in May 2015.

It Would Be Nice

People always like to point to one thing to explain what is going on around them. It keeps it simple and understandable but as the REBGV president points out “it would be easy to point to one factor that’s causing this cycle, but the truth is that it’s a number of different factors”.

Pick Your Poison

He tells us it could be this or that stating that “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”. It’s a typical real estate response to use a ‘grape shot’ proclamations for market influences. If in doubt name them all. In other words – pick your poison.

Murmuration

Me, I’m sticking with murmuration. It’s not as logical as any of the above explanations but is a lot more fun to watch. In truth, I’m not sure what has triggered this buying frenzy but I do know that many buyers are acting like Starlings and without really knowing why, simply fly. Perhaps it is as the Pres says – “the competition in today’s market means that buyers have less time to make decisions”.

June’s Numbers

Detached

  • June 2015 reached 1,920, an increase of 31.3 per cent from the 1,462 detached sales recorded in June 2014
  • The benchmark price for a detached property in Metro Vancouver increased 14.8 per cent from June 2014 to $1,123,900
Spiraling House Price

Apartment

  • apartment property sales reached 1,774 in June 2015, an increase of 35.6 per cent compared to the 1,308 sales in June 2014
  • Apartment Benchmark price increased 5.3 per cent from June 2014 to $400,200

Attached

  • June sales totalled 681, an increase of 7.1 per cent compared to the 636 sales in June 2014
  • Attached Benchmark prices increased 7.1 per cent between June 2014 and 2015 to $506,900.

Full Stats Here

About Larry Yatkowsky

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

vangrl Says:
July 6th, 2015 at 9:33 pm

Are you still seeing a lot of interest from Mainland Chinese?

Or do you think it’s mostly locals pushing up the detached amrket?

thanks

July 7th, 2015 at 6:44 pm

@vangrl
Re: lot of interest – personally no as I don’t speak the language. There is some activity but nothing close to the Holiday period in early spring.
Re: locals – associates tell me that this seems to be the case.
The crummy part is there are no hard numbers to say it is this way or that. Add to this that even if the REBGV tried to collect such information it would be voluntary and so again any stats would be out of whack.

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