With lockdown restrictions essentially coming to an end, home buyers returned in June. After being suppressed in April & May, the two busiest selling seasons (on average), a wave of pent-up demand infiltrated the Vancouver housing market in June. Sales jumped 64% month-over-month and showed a positive increase on a year-over-year basis. However, once again we need to contextualize things. Basically what has happened here is that the spring market was put on pause, April and May recorded record low sales volumes and so the spring market was pushed to June and should continue in July and perhaps August. As we’ll get into later in the report, despite the “pentup demand” June sales were still incredibly weak from a historical perspective. In fact, home sales in June were 21% below the ten year average. Meanwhile, new listings have bounced back as well, increasing 38% month-over-month and near normal levels for June. However, all in all, inventory levels remain low and that has kept prices firm.
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