Vancouver by Chrisada

The new listings for detached, attached, and apartment properties amounted to 5,617 — a 3 per cent decrease in growth compared to June 2011, when new listings amounted to 5,793. This represents an 18.9 per cent increase compared to May, when 6,927 homes were added to the MLS® in Greater Vancouver.

The number of residential property sales hit a ten-year low in Greater Vancouver for June. Residential detached, attached, and apartment properties sales reached 2,362 on the Multiple Listing Service®, falling by 27.6 per cent compared to June 2011 with 3,262 recorded. This also represents a 17.2 per cent decline compared to the 2,853 sales in May 2012.

The total number of homes listed for sale on the region’s MLS® reached 18,493, increasing by 22 per cent compared to last year’s results. This also represents a 3.7 per cent rise compared to the previous month.

• Detached property sales on the MLS® experienced a huge 37.4 per cent fall (921 units) compared to June 2011 (1,471 units) and a 19.1 per cent decline compared to June 2010 (1,139 units). The benchmark price grew by 3.3 per cent from June 2011 to $961,600.

• Apartment property sales (1,026) declined 19 per cent compared to June 2011 (1,266) and 18.4 per cent compared to June 2010 (1,258). The benchmark price increased by 0.3 per cent from June 2011 to $376,200.

• Attached property sales (415 units) experienced a 21 per cent decline compared to June 2011 (525 units) and a steep 27.8 per cent decline compared to June 2010 (575 units). The benchmark price fell by 0.1 per cent since June 2011 to $468,400.

The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 1.7 per cent and declined 0.7 per cent compared to last month.

Eugen Klein, REBGV president, commented on the market situation: “Overall conditions have trended in favour of buyers in our marketplace in recent months. This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”