Metro Vancouver sees steady, calmer pace for the Summer Season.

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

Last month’s sales were 18.4 per cent above the 10-year June sales average.

“Metro Vancouver’s housing market continues to experience strong seller’s market conditions. Although the intensity of demand has eased to a steady calmer pace, from what we saw throughout most of the spring,” Keith Stewart, REBGV economist said. “The past two months have shown a market that’s shifting toward more historically typical conditions.”

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,839. A 5.1 per cent decrease compared to June 2020 (11,424). A 1.2 per cent 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.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,100. This represents a 14.5 per cent increase over June 2020 and a 0.2 per cent increase compared to May 2021.

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