Vancouver Detached Sales Frozen at Historic Lows in June

Steve Saretsky -

As the Vancouver Real Estate market heads into the dog days of summer it is desperately trying to shake an abnormally sluggish first half. To suggest sales have been weak might be an understatement, Vancouver detached housing sales have fallen to a 27 year low in the month of June.  Home sellers and Realtors remain relatively confused and unsure when this storm will pass. Many have chosen to take their home off the market and try again at a later date. 

This is probably why we have seen new listings start to dwindle as we experienced following the foreign buyers tax back in August 2016. New listings for the month of June tumbled 29% year over year, down to their lowest total in thirteen years.

New listings Vancouver
Vancouver Detached New Listings for June.

Despite new listings declining, for sale inventory still moved higher, increasing 8% year over year. It jumped to the highest level for the month since June of 2012. This is in large part due to historically weak sales. 

There were just 177 sales in the month of June, this marked the lowest total ever recorded dating to 1991 when the Real Estate Board of Greater Vancouver began compiling comprehensive market data. This marked a 35% decline on a year over year basis.

History of Vancouver detached sales in June
Vancouver Detached sales for June

Overall it’s a mixed bag on prices, the median sales price dropped 1% year over year, while the average sales price dipped by 5%. Entry level detached homes continue to hold up better than the luxury side of the housing market. Luxury homes have experienced price declines in the double digits with foreign investment drying up and tighter lending conditions factoring in. More market stats can be found here

Join the Monday Newsletter

Every Monday morning you'll receive a short and entertaining round-up of news on the Vancouver & Canadian Real Estate markets.

"*" indicates required fields

The Canadian Economy

Steve Saretsky -

Happy Monday Morning! We got a string of new data this past week confirming inflation in consumer goods, and housing are proving to be more than transitory. Canada’s consumer price index continued to drift higher with prices hitting an 18 year high, up 4.7% from last October. The recent floods in BC...

Steve Saretsky -

The calls for impending interest rate hikes continues. CIBC’s chief economist, Benjamin Tal, was out recently suggesting the Bank of Canada could hike its benchmark interest rate at least six times beginning in early 2022. “I think there is a risk of getting into the market at today’s rates,” noted Tal....

Steve Saretsky -

The BC Government announced it is looking at several cooling measures for the housing market in 2022. They have highlighted two measures. The first is an end to the blind bidding process, and the other is a mandatory “cooling off period” which will allow any buyer a 7 day recession...

Steve Saretsky -

The Bank of Canada continues to slowly drain liquidity after flooding the system with a firehose of cash during the pandemic. Bank of Canada governor Tiff Macklem announced the end of Canada’s QE program (also known as money printing). Furthermore, in Macklems words, “We expect to begin increasing our policy...

Steve Saretsky -

Consumer price inflation ripped higher in September, surging 4.4% year-over-year, the fastest pace of price increases in 18 years. Let’s discuss this further. We have an inflation problem and the Bank of Canada remains of the view that inflation will be transitory. Although they really can’t say otherwise, for if...

Get the Saretsky Report to your email every month

The Saretsky Report. December 2022