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Vancouver Home Sales Slowing for 3rd Straight Month


Under Market Updates

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June 23rd, 2021

The Vancouver housing market is continuing on its cooling trajectory in June, with fewer sales recorded midway through this month than were seen at the same point in May.

After peaking in March, monthly sales declines have been logged during each subsequent month and it appears that June will maintain that trend.

Vancouver broker Kevin Skipworth published the June mid-month numbers in an email to subscribers on Thursday. So far, 2,028 properties have changed hands across the region this month, down from 2,183 at the same point in May. That’s also down nearly 24 percent from mid-March’s total, reflecting a substantial cooldown in buyer activity through the spring.

“Make no mistake though, there is still significant activity happening in the real estate market,” writes Skipworth in the email. “There could be more than 4,000 properties sold in the month again, which would be the fourth straight month at that level.”

He went on to say that the cooldown could be partly driven by the fact that pandemic restrictions are easing heading into summer, causing potential buyers to shift priorities as they take advantage of more freedoms.

Looking ahead, the broker believes activity will slow further during the summer months, a typical seasonal dynamic that didn’t play out in 2020 as the market recovered from the spring lockdown.

By the fall, activity could heat up again, writes Skipworth.

“As borders open, post secondary schools’ welcome students back in person, immigration starting up and the jewel that is Canada attracting those from beyond our borders, demand not seen in the real estate market since pre-COVID will emerge,” he writes.

Vancouver Home Sales Slowing for Third Straight Month in June by Sean MacKay | Livabl

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