Last month was the best selling June on record, the Real Estate Board of Greater Vancouver reports, with a total of 4,375 residential property sales in Metro Vancouver, an increase of 28.4% compared to June 2014 (and nearly 30% above the 10-year sales average for the month). REBGV notes that June was the fourth straight month with over 4,000 residential sales, a first in the board’s history. The previous highest sales total was 4,434 in May 2005.
The benchmark price for Metro Vancouver homes is $694k, up 10.3% from last June. Board prez Darcy McLeod has reason to smile: he notes the market is currently in an up-cycle similar to that of the mid-2000s, driven by lower interest rates, declining detached home supplies, a growing population, “and a provincial economy that’s outperforming the rest of Canada.” Pent-up demand from previous years is playing a role, “and, perhaps most importantly, the fact that we live in a highly desirable region.”
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