Last month was the highest selling June, and the second highest overall monthly total, on record for theReal Estate Board of Greater Vancouver. The REBGV reports that residential property sales in Metro Vancouver reached 4,375 on the MLS in June 2015. This represents a 28.4% increase compared to the 3,406 sales recorded in June 2014, and an increase of 7.9% compared to the 4,056 sales in May 2015.
Last month's sales were 29.1% above the 10-year sales average for the month. It's the 4th straight month over 4,000 sales, which is a first in the REBGV history. The previous highest number of home sales was 4,434 recorded in May 2005.
"Demand in our detached home market continues to drive activity across Metro Vancouver," Darcy McLeod, REBGV president said. "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 MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $694,000. This represents a 10.3% 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. "We're seeing a steady stream of new listings entering the market, but the overall number of homes for sale is not keeping up with buyer demand," McLeod said.
The sales-to-active-listings ratio in June was 35.9%. This is the highest that ratio has been in Metro Vancouver since June 2006. A seller's market typically occurs when this ratio exceeds 20% for a sustained period of time.