Greater Vancouver home sales start to tick up, with prices holding steady

Greater Vancouver home sales start to tick up, with prices holding steady
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VANCOUVER — The Real Estate Board of Greater Vancouver says home sales are starting to return to more typical levels, while prices continue to edge up from 2019.

The board reports 2,443 residential sales last month, a 17.6 per cent year-over-year increase — but still 21.9 per cent below the 10-year sales average for June.

Board chair Colette Gerber says realtors and their clients are becoming more comfortable exploring and showcasing homes remotely through video tours and floor-plan reviews as buyers and sellers alike acclimate to physical distancing protocols.

New home listings rose 21.8 per cent to 5,787 in June compared with a year earlier, a leap of 57.1 per cent from May.

The board says the sales-to-active listings was 21.4 per cent, well outside the range analysts consider as signalling potential for downward pressure on prices.

Prices have held steady over the last few months but nudged up 3.5 per cent year over year, with the composite benchmark index price at $1.03 million in June.

This report by The Canadian Press was first published July 3, 2020.

The Canadian Press

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