Market Update June

VANCOUVER, B.C. – July 4, 2012 – In June, the number of sales for residential properties declined by 27.6% from last year which led to a 10-year low in Greater Vancouver.

Due to the lack of competition, these conditions are favorable for buyers because now buyers will have “more selection to choose form compared to earlier in the year” said Eugen Klein, REBGV president.

Sales of detached properties reached 921, a decline of 37.4% since last year and a decrease of 19.1% from June 2010. Sales of apartment properties declined by 19% from last year and 0.6% from two years ago. Lastly, townhome property sales totaled 415, a decline of 21% from last year and 6.8% increase from February 2010. The benchmark prices of detached properties and apartments increased by 3.3% and 0.3% and attached property sales decreased by 0.1% respectively.