More properties have come onto the market in recent months. Yet, as buyers compete for homes, there remains an imbalance between supply and demand. In June, the number of new listings on the market increased by 1.2% compared to June 2015. The number of listings decreased by 6.6% compared to May 2016.
It was the highest selling June on record. Sales in June were 28.1% over the 10-year sales average for the month. While it remains a seller’s market, the sales-to-active listings ratio of 56.3% (5.6 sales for every 10 listings) was the lowest it has been since February.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $917,800. This represents a 32.1% increase compared to June 2015.
Median sale price in May 2016*:
Downtown: $735,000 (condos & townhomes)
Westside: $3.55 million (houses); $695,000 (condos & townhomes)
North Vancouver: $1.827 million (houses); $569,950 (condos & townhomes)
Abbotsford: $625,000 (houses); $221,000 (condos & townhomes)