BRIAN MORTON
Sun
According to data released Monday, residential sales in Metro Vancouver totalled 2,972 in June, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, the highest selling June on record. Photograph by: Glenn Baglo, Vancouver Sun files
VANCOUVER — Metro Vancouver’s housing market experienced steady activity to start the summer season although sales were 30 per cent lower than the same time last year, according to the Real Estate Board of Greater Vancouver (REBGV).
“Activity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession as we all know,” REBGV president Jake Moldowan said in a statement.
According to data released Monday, residential sales in Metro Vancouver totalled 2,972 in June, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, the highest selling June on record.
Compared to June 2008, last month’s sales also represent a 22.6-per-cent increase over the 2,425 sales recorded that month, but are 30 per cent less than the 4,244 sales in June 2007. June 2010 sales represent a 5.8-per-cent decline compared to May’s sales totals, according to the survey.
“We didn’t experience any record-breaking activity in June, but we did see a stable summer market,” Moldowan said. “The number of new listings coming on the market is not as dramatic as we saw over the previous three months and demand remains at a healthy level for this traditionally quieter time of year.”
New listings for detached, attached and apartment properties totalled 5,544 in June 2010, a 3.2-per-cent increase compared to June 2009 when 5,372 new units were listed, and a 21-per-cent decline compared to May 2010 when 7,014 properties were added to the MLS.
Over the last 12 months, the overall benchmark price for all residential properties in Greater Vancouver increased 11.8 per cent to $580,237 from $518,855 in June 2009, the survey said.
© Copyright (c) The Vancouver Sun