Gillian Shaw
Sun
Real estate sales dropped and listings rose in both Greater Vancouver and the Fraser Valley in June compared with the same month last year, but the overall market remains at record highs.
While Greater Vancouver sales for the month were down almost nine per cent over last year, the Real Estate Board of Greater Vancouver reported Wednesday, the figures still represent an increase of 12.7 per cent over June of 2004.
“In 2005 around this point in time, we had a very shortened supply of listings, more so than we do this year,” said Rick Valouche, president of the real estate board. “This year we have had a few more listings come on the market, so that has helped.
“It has turned a teeny bit toward the buyers, but it is still a seller’s market.”
While the news is somewhat encouraging for beleaguered buyers who find they are fighting multiple bids when they attempt to buy residential real estate, competition is still stiff.
“Last year it was so frenzied [that] the moment a listing came on the market there were 10 or 12 offers,” said Valouche. “A listing now, instead of 10 offers, may have three.
“They are still commanding very good prices; they are still getting asking and over-asking [offers].”
A total of 3,951 single-family, attached and apartment units were sold in Greater Vancouver in June, compared with 4,333 in the same month last year.
It was much the same story in the Fraser Valley, where listings were up while sales for June were down 15 per cent from 2005, which was also the best June on record. The Fraser Valley saw 2,126 homes change hands in the month, compared with 2,515 homes in the same month last year.
Meanwhile, the 2,938 new listings in June represented an eight per-cent increase over the new listings for June 2005 and brought the total number of active listings for the month to 5,893, close to that a year ago.
David Rishel, president of the Fraser Valley Real Estate Board, said as the market heads into what is traditionally the slower summer months, the increase in listings will alleviate upward pressure on prices.
“Sales are down, but that is compared to last June which was the highest month of June ever,” he said. “This is the second-highest June.
“Comparatively speaking, we are still in a good market.”
Rishel said he doesn’t believe June’s figures signify a downward trend.
“I don’t think it is the beginnings of any trend. That being said, over the coming year or two there are going to be peaks and valleys, but generally speaking we are in a very stable market that will continue to reap value for homeowners and still show some affordability for buyers.”
Single-family homes in the Fraser Valley saw significant price increases while townhouses and apartments saw little change. The average price of a single-family detached home in June was $475,075, up 22 per cent from last year’s $389,330.
In Greater Vancouver, year-to-date sales are still on track to see 2006 come in as one of the top three years on record, with 3,681 units changing hands so far.
Listings were up 15 per cent in June over the same month last year. Sales of detached homes dropped by 13 per cent from June 2005 but the benchmark price climbed 22 per cent over last year to $649,048.
Apartment sales saw a drop of 10 per cent with the benchmark price climbing 24 per cent from a year ago, to $325,154.
Attached property sales increased by six per cent with the price of those units climbing 21 per cent to $402,477, a shift Valouche said represents baby boomers looking to trade in the big lawns and gardens of detached homes for townhomes.
Outlying areas continued to sizzle, with Maple Ridge, Port Coquitlam and the Squamish area recording large increases.
Apartment sales in Maple Ridge/Pitt Meadows were up a whopping 131 per cent compared with June 2005, an increase that translated into 44 units sold over last June’s 19. Squamish saw sales of attached units jump 73 per cent and the number of detached homes sold went up 36 per cent.
“There are still lots of sales happening in the west side of Vancouver and with downtown apartments but the big push — the most sales overall — are coming from our outlying areas,” said Valouche.
© The Vancouver Sun 2006
