Vancouver Home Sales Normalize, Prices Rise In June

The Real Estate Board of Greater Vancouver says home sales are starting to return to more typical levels, while prices continue to rise from 2019 levels.

The board reports 2,443 residential sales in June, a 17.6% year-over-year increase -- but still 21.9% below the 10-year sales average for June. The Real Estate Board said realtors and their clients are becoming more comfortable exploring and showcasing homes remotely through video tours as buyers and sellers each acclimate to physical distancing protocols.

New home listings rose 21.8% to 5,787 in June compared with a year earlier, a leap of 57.1% from May. The Board said the sales-to-active listings was 21.4%, well outside the range analysts consider as signaling potential for downward pressure on prices.

Prices have held steady over the last few months but nudged up 3.5% year-over-year, with the composite benchmark index price at $1.03 million in June.