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Summer Housing Market Trends Toward Balance After an Active Spring Season

VANCOUVER, B.C. – July 5, 2011 –Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties increased by 9.8 % since June 2010 and decreased by 3.4 % since May 2011.

New listings for detached, attached and apartment properties in Greater Vancouver increased by 4.5 % this June compared to June 2010, and decreased by 2.3 % since May 2011. Last month’s new listing total was 9.8 per cent higher than the 10-year average for June, while residential sales were 7.3 per cent below the ten-year average for sales in June.

“With sales below the 10-year average and home listings above what’s typical for the month, activity in June brought closer alignment between supply and demand in our marketplace,” Rosario Setticasi, REBGV president said. “With a sales-to-active-listings ratio of nearly 22 %, it looks like we’re in the upper end of a balanced market. The largest price increases continue to be in the detached home market on the Westside of Vancouver and in West Vancouver,” Setticasi said. “Since the end of May, the benchmark price of a detached home rose more than $147,000 on the Westside of Vancouver and over $80,000 in West Vancouver. Detached home prices in Richmond however, leveled off slightly; declining $25,000 in June.”

Sales of detached properties on the MLS® in June 2011 reached an increase of 29.1 per cent from June 2010, and an 11.8 per cent decrease from June 2009. The benchmark price for detached properties increased 13.4 per cent from June 2010 to $901,680.

BURNABY- Median Selling Price

JUNE Detached % Condo %
2011 $929,000 21.8 $362,000 7.1
2010 763,500 - 338,000 -

VANCOUVER EAST

JUNE Detached % Condo %
2011 835,000 10.6 350,000 5.1
2010 755,000 - 333,050 -

VANCOUVER WEST

JUNE Detached % Condo %
2011 2,185,000 38.3 479,500 2.6
2010 1,580,000 - 467,000 -

Source: Real Estate Board of Greater Vancouver