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Jul 5, 2023
, BNN Bloomberg
Vancouver homes prices increased in June along with the number of residential home sales, the Real Estate Board of Greater Vancouver reported on Wednesday.
The benchmark price for all types of homes in Metro Vancouver came in at $1.203 million in June, 1.3 per cent higher than the previous month, as the real estate board said “homebuyer demand butted up against a limited inventory of homes for sale in the region.”
“Despite elevated borrowing costs, there continues to be too little resale inventory available relative to the pool of buyers in Metro Vancouver. This is the fundamental reason we continue to see prices increase month over month across all segments,” Andrew Lis, the board’s director of economics and data analytics, said in a written statement.
He noted in particular the apartment segment, which has showed the most relative strength and is outperforming the region’s 10-year seasonal average for sales, unlike other housing segments.
The region saw 1,573 apartment homes sold in June, an 18.6 increase from the previous year. The benchmark price of an apartment was $767,000, 0.5 per cent higher than a year ago and 0.8 higher than last month.
Lis called for policy changes to make it easier for first-time homebuyers to afford apartments.
“We repeat our call to the provincial government to adjust the $525,000 threshold exempting first-time homebuyers from the Property Transfer Tax to better reflect the price of entry-level homes in our region,” Lis said. “This is a simple policy adjustment that could help more first-time buyers afford a home right now.”
Sales of detached homes also rose in June compared with a year ago, while the benchmark price of a detached was $1.991 million.
Attached home sales increased as well, with the benchmark price coming in at $1.099 million – one per cent lower than last year, but 1.5 per cent higher than May 2023.
Across all types of properties, the sales-to-active listings ratio was 31.4 per cent in June. Apartments had the largest ratio at 39.4 per cent, followed by townhomes and detached homes.
“Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months,” the board said.
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