Vancouver real estate boom continued in June amid a slight slowdown from May

VANCOUVER – Vancouver-area home sales had a record June as prices continued to soar.

An industry group says last month’s 4,400 sales were up 0.6 per cent from a year earlier but 7.7 per cent lower than May. Month-over-month sales have declined 14.9 per cent since March, although the Real Estate Board of Greater Vancouver says sales were 28.1 per cent above the 10-year average.

Total listings were up 1.1 per from May but down 35.9 per cent from a year earlier.

A shortage of properties for sale, particularly single-detached houses, is contributing to the region’s huge price increases.

REBGV president Dan Morrison says “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.”

The group’s adjusted “benchmark” price for all residential properties in Metro Vancouver was $917,800 or 32.1 per cent higher in one year.

The unadjusted average price for a single-detached house was $1.8 million last month, while apartment-style condos averaged $480,000. The price gains were 23 per cent and 18 per cent, respectively.