For the second month in a row we saw an a year over year INCREASE in sales. The 852 sales that happened in Vancouver were a whopping +19.5% higher than June 2022...BUT down -13.5% from May 2022 and also -8.9% from the 10-year average.
Significantly, this is also the second month in a row that monthly sales were over the 10-year average.
Meanwhile new listings hovered right around the 10-year average yet again. There were 1710 new listings in June 2023 (+0.7% on the 10-year average) which was up 4.5% from a year ago and down -5.3% from the previous month.
That resulted in total active listings sitting at 3201. Up just 2.3% from last month and down -18.9% from a year ago...as well as -9.4% from the 10-year average.
Prices are continuing to get ratcheted upwards. The most significant increases were for detached houses with East Vancouver houses leading the way with a +3.1% in just a single month. The only housing type to see any type of decline were East Van townhouses which were down a titch (-0.02%) but basically flat.
Since the last half of last year saw activity dry up, the comparisons are starting to be relatively easy. It appears that our market is MUCH more active last year when interest rates were skyrocketing unexpectedly.
It is normal that we see a bit of a slowdown in market activity as we head into summer. My expecation is that July and August will be slower months due to this seasonality. Obviously, we also saw another interest rate hike...and it's possible that if more come that there could be a further slow-down in activity.
However, what I don't think is likely is that prices will be declining in the near future.
There continues to be significant upward pressure on prices for just about every property type...but specifically detached houses. After all, Vancouver continues to be one of the most desirable cities in one of the most desirable countries in the world and we are welcoming unprecedented levels of immigrants...on top of that, Vancouver is tiny and has very limited housing supply.
I see more expensive real estate in our future.
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