A June retrospect of real estate in Vancouver showed that while higher borrowing costs are impacting activates and prices, the market is being buoyed by factors like low unemployment, rising wages, and a healthy population growth. According to Snap Stats, a statistic service that brings simplicity and clarity to complex real estate trends, Vancouver is now a balanced market based on a 20% selling rate of all listings from May to June.
While sales of detached houses in neighborhoods like the Westside have declined by 13%, sales on townhouses and condos in that neighborhood rose by 3%. In addition, the benefit of a buyer’s market usually means there’s room to negotiate. In this case, average prices on detached homes changed by -6% while townhouses and condos saw a -4% price change.
The East Side, which has long been viewed as an affordable destination, relatively speaking, saw sales of detached homes plummet by 30%, which resulted in a price correction of -8%. The price of detached housing in June averaged $1,504,000, down from $1,636,000 the previous month.
Units of townhouses and condos sold in East Vancouver from May to June fell 16%, resulting in a price adjustment of -11%, bringing the average price of an attached home in the East Side down to $617,000 from $692,500 in May.
Prices held fairly steady in North Vancouver, where a -11% change in detached home sales saw a modest price adjustment of -3%, bringing the average cost for a home in North Vancouver down to $1,638,000 from $1,685,000 in May. However, condos and townhouses in North Vancouver saw hardly any price change at -1%.
In West Vancouver, the number of sales for detached properties changed by -15%, but prices did not follow suit and held steady. Condos and townhouses in West Vancouver saw a fairly sizeable decline, falling by almost -33% in unit sales and resulting in a price change of -15%, bringing the average sale price down from $1,369,450 to $1,162,500.
On average, the total listings were up to 6821 from 4810 the previous year. Sales fell by 1351 units and prices fell by -3% year over year.
To learn more about townhouses in Vancouver, whether you’re buying or selling, set up an appointment to speak to townhouse realtor Ariane Benjamin to learn about investor prices, and selling trends in local neighbourhoods. Call (604) 779-1500 to schedule an appointment.