Real estate in Vancouver in June has continued to slow down from the March – April highs but it is still strong and still a seller’s market. June’s sales were 18.4% above the 10-year June average.
The new listings have slowed down compared to last month and the total inventory is about 1.2% lower than in May.
The sales-to-active listing ratios are still high. It is believed that when ratios are over 20% for sustained periods, there will have upward pricing pressure. For June, the sales-to-active listing ratio for detached home is 27.5% and correlates with a 0% month to month increase in benchmark price. For townhomes the ratio is 49.2% with a 1.1% increase in price in the month of June. For apartments the ratio is 37.1% and it had a 0.1% increase in the benchmark price in the month of June. As you can see from the chart below, the sales-to-active listings ratio has been declining and so have the monthly price appreciation.
However, do not expect the price to soften much. While the multiple offers during a hot market quickly push the prices up, there is no equivalent process that drops prices. Hope you all had a great Canada Day and Go Canadians Go!
