Greater Vancouver Market Now Favouring Buyers – June 2012
Eugen Klein, the president of the Real Estate Board of Greater Vancouver (REBGV) has declared that we are now in a buyer’s market in the Greater Vancouver area:
Overall conditions have trended in favour of buyers in our marketplace in recent months, this means buyers are facing less competition and have more selection to choose from compared to earlier in the year. – Eugen Klein REBGV president
The number of sales in the month of June 2012 hit a 10 year low, although prices, so far, remain relatively stable. June sales were the lowest total for the month in the region since 2000 and 32.2 per cent below the 10-year June sales average of 3,484.
Sales of detached properties on the MLS® in June 2012 reached 921, a decrease of 37.4 per cent from the 1,471 detached sales recorded in June 2011, and a 19.1 per cent decrease from the 1,139 units sold in June 2010. The benchmark price for detached properties increased 3.3 per cent from June 2011 to $961,600.
Sales of apartment properties reached 1,026 in June 2012, a 19 per cent decrease compared to the 1,266 sales in June 2011, and a decrease of 18.4 per cent compared to the 1,258 sales in June 2010. The benchmark price of an apartment property increased 0.3 per cent from June 2011 to $376,200.
Attached property sales in June 2012 totalled 415, a 21 per cent decrease compared to the 525 sales in June 2011, and a 27.8 per cent decrease from the 575 attached properties sold in June 2010. The benchmark price of an attached unit decreased 0.1 per cent between June 2011 and 2012 to $468,400.