Monthly Market Report-June2021

Wednesday Jul 07th, 2021


While still elevated, home sale and listing activity in Metro Vancouver* has eased back from the record-setting pace seen in March and April of this year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 3,762 in June 2021, a 54 from the 2,443 sales recorded in June 2020, and an 11.9%  decrease from the 4,268 homes sold in May 2021.

Last month’s sales were 18.4% above the 10-year June sales average. There were 5,849 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2021. This represents a 1.1 percent increase compared to the 5,787 homes listed in June 2020 and a 17.9 % decrease compared to May 2021 when 7,125 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,839, a 5.1% decrease compared to June 2020 (11,424) and a 1.2% decrease compared to May 2021 (10,970).

“With low-interest rates, a growing economy, and an improving job market, the Metro Vancouver housing market continues to enjoy solid economic fundamentals,” Stewart said. “We’re now seeing a market that’s beginning to normalize from the torrid pace in the spring. This is making multiple offers less common, allowing subjects to be seen on offers more frequently again, and is making new price records less likely.”

Sales of detached homes in June 2021 reached 1,262, a 45.7%  increase from the 866 detached sales recorded in June 2020. The benchmark price for detached properties is $1,801,100. This represents a 22 percent increase from June 2020 and is virtually unchanged from May 2021.

Sales of apartment homes reached 1,774 in June 2021, a 60.5%  increase compared to the 1,105 sales in June 2020. The benchmark price of an apartment is $737,600. This represents an 8.9%  increase from June 2020 and a 0.1% increase compared to May 2021.

Attached home sales in June 2021 totaled 726, a 53.8%  increase compared to the 472 sales in June 2020. The benchmark price of an attached home is $946,900. This represents a 17.4% increase from June 2020 and a 1.1 % increase compared to May 2021.