Market Report | June 2019

July 9th, 2019 | Buying

The Real Estate Board of Greater Vancouver’s new President, Ashley Smith, revealed a 14.4% decrease in June 2019 sales statistics compared to that of June 2018, with a total of 2,077 sales across the Greater Vancouver area. Last month’s sales were 34.7% below the 10-year June sales average. This is the lowest total for the month since 2000.

Higher Supply

The number of new listings during the month of June was 4,751. The total number of properties currently for sale on the MLS is 14,968. Sales were down by 14.4% while listings were up by 25.3%. These statistics demonstrate that Buyer competition has heavily decreased resulting in lower sale prices and lower sales within the real estate market.

“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” said Ashley Smith, REBGV president. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”

 

If you’re thinking of selling your home, or purchasing a new property and are weary because of the current conditions, not to worry, I’ve got you covered. I help guide you through the ever changing conditions of the Vancouver Real Estate Market in order to achieve the best possible results!