Analysis of Vancouver real estate market – June 201715.07.2017
Real Estate Board of Greater Vancouver (REBGV) reports that in June 2017 sales of residential real estate in the region amounted to 3,893, which is 10.8 percent less than in May 2017, when 4,364 houses were sold.
However, demand for condominiums continues to outrun supply. Misbalance between supply and demand in the condominium market creates competition in the domestic market. Last month, sales increased by 14.5% as compared to 10-year average sales level in June.
“Two different markets emerged this summer. A separate domestic market where demand for detached houses becomes more typical, while competition in the condominium market creates several supply scenarios and exerts a very significant influence on prices for this type of property”, – said REBGV President, Jill Oudil
In June 2017, 5,721 detached houses were built in Metro Vancouver. This is 5.3% less than in May 2017, when 6,044 houses were registered.
Total number of objects currently on sale in MLS system in Vancouver is 8,515, which is 4.2% more than in May.
«House buyers have more choice in the market, while number of apartments is close to its minimum on MLS», – Oudil said. This year, the number of houses on the market increases every month, and the number of apartments for sale is getting lower and lower.
For all mentioned types, ratio of sales to dynamic indicators is 45.7% for June 2017. By type of property, this ratio is 24.5% for houses, 62% for townhouses and 93.2% for apartments.
Market conditions vary depending on the area and type of real estate. In this situation, it is important to work with professional realtors, to understand trends that rise in the real estate market and to feel secured regarding a potential deal.