Vancouver, B.C. July 3, 2007 – The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales reached 4,244 units in June 2007, an increase of 7.4 per cent compared to 3,951 sales in June 2006.
This figure represents the second highest number of sales during the month of June in the Board’s history. The highest number of sales for that month was recorded in June 2005, when 4,333 sales were reported.
The total number of new listings reached 5,533 units, an increase of 1.3 per cent when compared to the 5,460 new units listed in June 2006. Total active inventory increased by 17.7 per cent to 11,811 units when compared to the 10,033 units active in June 2006.
"Housing sales in Greater Vancouver continue to be higher than historical norms. Combine strong demand with a healthy number of listings active throughout our Board’s area, and you have a good market for both buyers and sellers," says REBGV president Brian Naphtali.
"Clearly, real estate continues to be seen as an excellent investment," Naphtali says. "REALTORS® continue to report strong sales activity across our entire Board area. To get a better understanding of the real estate market, we encourage consumers to talk with your local REALTOR®."
According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 16.0 per cent to 1,846 sales in June 2007 compared to 1,591 sales in June 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $360,469, up 10.9 per cent from one year ago.
Sales of attached properties increased by 3.2 per cent in June 2007 to 775 sales, compared to 751 sales in June 2006. The benchmark price of an attached unit is $443,060, up 10.1 per cent from a year ago.