{"id":2605,"date":"2016-07-05T12:58:18","date_gmt":"2016-07-05T19:58:18","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2605"},"modified":"2016-07-05T12:58:45","modified_gmt":"2016-07-05T19:58:45","slug":"vancouver-home-prices-head-even-higher-in-june-amid-record-sales","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/07\/vancouver-home-prices-head-even-higher-in-june-amid-record-sales\/","title":{"rendered":"Vancouver Home Prices Head Even Higher in June Amid Record Sales"},"content":{"rendered":"<p style=\"text-align: justify;\">Canada\u2019s most expensive market for homes shows no signs of slowing down as June results even outpaced a torrid May.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver said it was the best June on record for existing home sales and price increases are escalating on a year over year basis.<\/p>\n<p style=\"text-align: justify;\">All this comes as listings continue to rise, just not at a pace fast enough to satiate buyers in British Columbia\u2019s largest city.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile we\u2019re starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions,\u201d said Dan Morrison, president of the board, in a statement. \u201cSince March, we\u2019ve seen more homes listed for sale in our market than in any other four-month period this decade.\u201d<\/p>\n<p style=\"text-align: justify;\">The board said there were 4,400 property sales in in June, 2016 \u2014 a 0.6% increase from a year ago but a 7.7% drop from a month ago. June sales were still 28.1% above the 10-year average for the month.<\/p>\n<p style=\"text-align: justify;\">The board\u2019s MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver rose 32.1% from a year ago to $917,800. The index rose 3.2% from just May.<\/p>\n<p style=\"text-align: justify;\">With no sign of prices slowing down in Vancouver, the latest stats are sure to put even more pressure on government to curb the market. Finance Minister Bill Morneau has pledged to meet with provincial and municipal counterparts in Vancouver and Toronto, also experiencing rapid price growth, but has not said any changes in housing policy are imminent.<\/p>\n<p style=\"text-align: justify;\">Some consumers are listing their homes to take advantage of the market \u2014 the board said new listings for detached, attached and apartment properties in the metro area reached 5,875 last month for a 1.2% from a year ago and 6.6% increase from May.<\/p>\n<p style=\"text-align: justify;\">There are some signs inventory in Metro Vancouver is rising. The total number of properties listed for sale in Metro Vancouver at the end of June was 7,812, down 35.9% from a year ago but rose 1.1% from May.<\/p>\n<p style=\"text-align: justify;\">The sales-to-active listings ratio for June was 56.3%, which the board said is a seller\u2019s market. However, the ratio was the lowest it has been since February.<\/p>\n<p style=\"text-align: justify;\">Detached properties, in short supply, continue to lead the market in terms of price appreciation. The benchmark price for a detached home was $1,561,500 in June, an increase of 38.7% from a year earlier. The increase occurred as sales dropped 18.6% during the period.<\/p>\n<p style=\"text-align: justify;\">In the apartment sector, prices rose 25.3% in June from a year ago as sales jumped 18.8% during the same period.<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/vancouver-home-prices-head-even-higher-in-june-amid-record-sales\" target=\"_blank\">Vancouver Home Prices Head Even Higher in June Amid Record Sales<\/a> by Garry Marr | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s most expensive market for homes shows no signs of slowing down as June results even outpaced a torrid May. The Real Estate Board of Greater Vancouver said it was &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/07\/vancouver-home-prices-head-even-higher-in-june-amid-record-sales\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2605","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Home Prices Head Even Higher in June Amid Record Sales &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/07\/vancouver-home-prices-head-even-higher-in-june-amid-record-sales\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Home Prices Head Even Higher in June Amid Record Sales &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canada\u2019s most expensive market for homes shows no signs of slowing down as June results even outpaced a torrid May. 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