While Metro Vancouver was hit with record-high temperatures in June, the real estate market basked in record-high home sales.
Residential property sales leaped 28.4% to 4,375 units compared with the same period a year ago, according to data released Friday (July 3) from the Real Estate Board of Greater Vancouver (REBGV).
It’s the first time since REBGV began collecting data that the region has posted more than 4,000 home sales for four consecutive months.
The June tally is the highest monthly total on record after May 2005, when 4,334 sales were reported.
“Demand in our detached home market continues to drive activity across Metro Vancouver,” REBGV president Darcy McLeod said in a statement.
“There were more detached home sales in the region last month than we’ve seen during the month of June in more than 10 years.”
Just as the number of sales surged, so too did home prices.
The composite benchmark price for residential properties across the region grew 10.3% to $694,000 compared with June 2014.
McLeod said the high demand is being driven by a low interest rates, limited supply of detached homes, a growing population and a provincial economy pegged to be the strongest in Canada forat least the next few years.
Meanwhile, the Fraser Valley Real Estate Board reported 2,413 June homes. The 45% increase from a year earlier represents the strongest June since 2005 and the fourth busiest month on record for the association representing real estate agents from North Delta to Mission.
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