Vancouver housing supply jumps as demand falls: REBGV

The price for attached homes increased 15.3% to $859,800, despite dwindling supply | Shutterstock

Home sales across Greater Vancouver fell below long-term averages in June, according to Real Estate Board of Greater Vancouver (REBGV) data released July 4.

Home sales were 28.7% lower than the 10-year June average last month, with a total of 2,425 homes changing ownership. This is a 37.7% drop compared with the 3,893 homes sold in the same month last year and 14.4% lower than May, when 2,833 homes were sold.

Meanwhile, as demand has fallen, supply has had a chance to catch up and reached a three-year high in the month. In June, 11,947 homes were listed for sale in Metro Vancouver – a jump of 40.3% compared with the same period last year.

“Buyers are less active today, Phil Moore, president of REBGV, said. “This is allowing the supply of homes for sale to accumulate to levels we haven’t seen in the last few years.

“Rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today.”

The benchmark price for all home types across the region is now $1,093,600 – up 9.5% year-over-year. For detached homes, the price remained relatively stable over the past year, inching up 0.7% to $1,598,000. For apartments, the benchmark price jumped 17.2% to $704,200, and the price for attached homes increased 15.3% to $859,800.