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Best June Ever For Greater Vancouver Home Sales

Best June Ever For Greater Vancouver Home Sales

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.

Best June Ever For Greater Vancouver Home Sales

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.”