Anshu Arora LLM, MSc, PMP

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Canada’s 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 the best June on record for existing home sales and price increases are escalating on a year over year basis. All this comes as listings continue to rise, just not at a pace fast enough to satiate buyers in British Columbia’s largest city. “While we’re starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions,” said Dan Morrison, president of the board, in a statement. “Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade.”

 

The board said there were 4,400 property sales in in June, 2016 — a 0.6 per cent increase from a year ago but a 7.7 drop from a month ago. June sales were still 28.1 per cent above the 10-year average for the month. In the apartment sector, prices rose 25.3 per cent in June from a year ago as sales jumped 18.8 per cent during the same period. The sales-to-active listings ratio for June was 56.3 per cent, which the board said is a seller’s market. However, the ratio was the lowest it has been since February.