Apologies for not writing my monthly insight into last month’s release of Vancouver Real Estate Board statistics.I have been very busy in several areas and didn’t have time to write much in June. I will be bringing you a regular diet of insights on the market. Stay with me.
Let’s look at what happened in June. The following are not based on the official Real Estate Board market statistics press release. This hasn’t been released yet but will be released middle of next week. The following market stats are based on average prices not the Board’s House Price Index (HPI). So what you are getting here is a sneak preview.
If you look at the year over year numbers, March 2010 over March 2009 of shows average price appreciations of about 30%. But there’s a fairly sharp decline (considering it is only 3 months) of some 6% May 2010 over March 2010.
This year-Used homes prices were $999,500 in March and $930,000 in June down by -6.6%
This year- Active used condo listings are up by 64% (6,533 versus 3,961); Active used home listings up by 34%
As we stated before, we are in the midst of the next phase of the real estate cycle. Prices and activity are turning sharply lower. New homes and new condos sales are much lower (new condos 35% lower) but prices held. Some pre-HST sales took place. Overall June saw sales of all types of property (new and used) drop by 30%.
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