Vancouver home prices rise, but activity still below 10-year averages

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Meanwhile, Calgary sees record sales in June

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The upward trajectory of Vancouver’s housing market persisted in June, as strong buyer demand collided with a scarcity of available homes to drive benchmark prices up.

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According to the latest report by the Real Estate Board of Greater Vancouver (REBGV), the MLS Home Price Index composite benchmark price for all residential properties in Vancouver rose 1.3 per cent from May and currently stands at $1,203,000.

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Newly listed properties were also up slightly at 5,348 units, compared to 5,278 in the same period last year. However, this number was 3.1 per cent below the 10-year seasonal average of 5,518.

Residential home sales experienced an uptick of 21.1 per cent, as a total of 2,988 transactions were recorded in June, surpassing the 2,467 transactions in the same period last year. However, despite this performance, the figures fell short of the 10-year seasonal average by 8.6 per cent, highlighting the market’s continued deviation from historical norms.

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The apartment segment exhibited relative strength in June with sales up 18.6 per cent from last year and prices up 0.8 per cent month-over-month.

“The performance of the apartment segment has been particularly noteworthy,” Andrew Lis, director of economics and data analytics at REBGV said in the report. “The benchmark price of apartment homes is approaching the peak achieved in 2022, and sales of apartments have surpassed the ten-year seasonal average in the region. This puts the apartment segment in a distinct position compared to the attached and detached segments, where sales have remained below the ten-year seasonal averages.”

Meanwhile, Calgary’s real estate market also witnessed a surge in sales, with the apartment condominium segment playing a pivotal role. Sales of apartment condominiums were up 48 per cent increase compared to the previous year.

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According to the Calgary Real Estate Board’s report on July 4, the city achieved yet another record-breaking sales performance. In the month of June, the total number of units sold reached 3,146, slightly surpassing the previous month’s figure of 3,121.

While new listings experienced a rise compared to the previous month, they remained 36 per cent below last year’s levels, marking the lowest June point in almost two decades.

Average prices experienced a slight decline while median and benchmark prices rose by 0.59 per cent and 1.38 per cent, respectively.

The benchmark price for a home in Calgary currently sits at $564,700.

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