The Real Estate Board of Greater Vancouver (REBGV) reported that the supply of local homes for sale rose to a 3-year high in June, as sales dipped below the 10-year June sales average, Despite that, home prices continue to rise in the Metro Vancouver area.
Sales of detached homes in June 2018 reached 766, a 42 percent decrease from June 2017 sales, as the MLS® Home Price Index composite benchmark price rose 0.7 percent to $1,598,200.
There were 1,240 apartments sold in June 2018, a 34.9 percent decrease compared to June 2017 sales, while the benchmark price for an apartment rose by 17.2 percent during the same period to $704,200. Attached home sales in June 2018 totaled 419, a 37.3 percent decrease compared to the 668 sales in June 2017, as the benchmark price increased by 15.3 percent from one year earlier to $859,800.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,947, a 40.3 percent increase compared to June 2017 and the highest level since June 2015.
"Buyers are less active today. This is allowing the supply of homes for sale to accumulate to levels we haven't seen in the last few years," Phil Moore, REBGV president said. "Rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today."
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