June 2019 Vancouver Real Estate Market Update

June 2019 Sales The Lowest In 19 Years

With home buyer demand below long-term historical averages in June, the supply of homes for sale continued to accumulate in Metro Vancouver.

Home sales in the region totalled 2,077 in June 2019, a 14.4% decrease from the 2,425 sales recorded in June 2018 and a 21.3% decrease from the 2,638 homes sold in May 2019.

Last month’s sales were 34.7 per cent below the 10-year June sales average. This is the lowest total for the month since 2000.

The total number of homes currently listed for sale in Metro Vancouver is 14,968, a 25.3% increase compared to June 2018 (11,947) and a 1.9% increase compared to May 2019 (14,685).

This is a 5 Year High in inventory. 

The benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 9.6% decrease over June 2018 and a 0.8% decrease compared to May 2019.

This is the first time the composite benchmark has been below $1 million since May 2017.

Vancouver West

Focusing in on the Vancouver West area (from Downtown to Marpole, and everything West of Ontario St.) we see the Detached market Average Price down 14.0% from June 2018, Townhomes down 8.4% and Condo's were down 11.7%

Breaking It Down By Housing Type

DETACHED HOMES

Sales of detached properties in June 2019 reached 61, a 24.7% decrease from June 2018. The benchmark price for detached properties is $2,912,000. This represents an 14.0% decrease from June 2018.

TOWNHOMES

Sales of Townhomes in June 2019 reached 33, a 29.8% decrease from June 2018. The benchmark price for Townhome is $1,125,800. This represents an 8.4% decrease from June 2018. 

CONDOS

Sales of Condos in June 2019 reached 254, a 22.6% decrease from June 2018. The benchmark price for condo properties is $744,300. This represents a 11.7 % decease from June 2018.