Greater Vancouver June 2019 Real Estate Market Report

Dated: 07/05/2019

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Greater Vancouver June 2019 Real Estate Report

The June 2019 Real Estate numbers are now, and it was the lowest amount of sales since year 2000.  

The trend of reduced demand and increased supply continues to be the trend across Metro Vancouver’s housing market. We are also seeing a big expectation gap between home buyers and sellers in Metro Vancouver. Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.   This is causing a large supply of homes to sit on the market.  

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,077 in June 2019, a 14.4 per cent decrease from the 2,425 sales recorded in June 2018 and a 21.3 per cent decrease from the 2,638 homes sold in May 2019.

On the supply side, the total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,968, a 25.3 percent  increase compared to June 2018 (11,947) 

For all property types, the sales-to-active listings ratio for June 2019 is 13.9 per cent. 

Detached homes 11.4%. Townhomes 15.8%. Condominiums 15.7%.

Generally, analysts say that 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.

In regards to home prices compared to the same month last year. Detached homes had an average price drop of about 10.9 percent.  Apartment condos has an average price drop of 8.9 percent. And town homes had an average price drop of about 8.6 percent. 

So my advice to buyers, the selection of homes out there is the best I have seen over the last 5 years.  Just make sure you know what has recently sold in the area before writing an offer.  

For sellers who are trying to sell their home in a declining market, you need to make sure you are marketing and pricing your home accordingly.  Otherwise you run the risk that the market will continue to drop and you will begin chasing the price downward.  

Question of the day, Would you consider selling your home in a declining market?  Answer in the comments below.  I will personally respond to all the comments myself. 

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Alex Lam

With 12 plus years of experience selling hundreds of homes like yours, I have a proven system that will get you maximum dollar in the shortest amount of time. If you are a buyer I will be able to ....

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