New data on the real estate market's performance in June 2019 shows Metro Vancouver's benchmark home price for all property types dipped below the $1 million threshold, reaching $998,700. Both also saw month-over-month drops with townhomes losing 0.6 per cent and condos 1.4 per cent compared to May.
The pace of new listings on the market slackened, with a 10 per cent drop in new homes added to the market from June 2018, said the REBGV. However, the total number of homes listed for sale rose 25.3 per cent from June 2018 to 14,968 homes in June 2019.
The benchmark price for a single detached home in the Fraser Valley is now $960,100, for apartments it is $409,800 and for townhomes it is $525,000.
"We're continuing to see an expectation gap between home buyers and sellers in Metro Vancouver", said Ashley Smith, REBGV president. It also marks a 21.3 per cent decrease from the 2,638 homes sold in May 2019.
Prices dropped as the area recorded the lowest number of home sales last month than any June in more than two decades.
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Last month's property sales in the Fraser Valley were 29.3 per cent below the 10-year sales average for June.
Economists generally believe a downward pressure on home prices occurs when the ratio falls below 12% for a sustained period, while home prices experience upward pressure when it surpasses 20% over consecutive months.
For the first time since May 2017, the composite benchmark price for all residential properties in Metro Vancouver is below $1 million and is now $998,700. It was also down 13.1 per cent in Richmond, 14 per cent on Vancouver's west side and 12.6 per cent in South Burnaby.
Attached homes such as townhouses, duplexes and rowhomes are seeing a lagging sales trend compared with detached houses. However, the price inched forward month-over-month, up 0.1 per cent since May. In June, sales of condos fell 24.1 per cent compared with a year ago to 941. This represents a 9.6 per cent decrease over June 2018 and a 0.8 per cent decrease compared to May 2019. In Greater Vancouver, June sales were the lowest reported since 2000 and in the Fraser Valley they were the second lowest in the same time frame.
West Vancouver's condo benchmark price dropped the most on an annual basis, down 18.3 per cent, followed by Vancouver West, down 11.7 per cent. To get a good idea of home prices in a specific location and by property type, check the detailed MLS® Home Price Index in the full REBGV stats package.