Activity remained strong through June, though signs of changing market conditions are more evident.

 

In North Vancouver sales were relatively flat for the month, up 1% from May and 2.7% from June 2015. Second quarter (Q2) sales were up 4.7% from Q2 2015, while listings for the quarter were up 5.8%. The median price of a detached home finished the month at $1,670,000, down from the all-time peak set in May of $1,826,000.

 

In West Vancouver, sales were down 28% from May and 18% from June 2015. Second quarter (Q2) sales were down 2% from Q2 2015, while listings for the quarter were up 0.4%.

 

The general consensus of those active in the market is that the spring frenzy has cooled. Due in part to the time of year, as the summer typically sees a steady level of listings and fewer active buyers, though more likely due to a changing market, as seller expectations have grown, and the urgency and confidence of buyers hasn't kept pace.  

 

Inconsistencies continue, with some properties attracting multiple offers and quick sales, and others taking time to sell and selling under list price.  We remain of the opinion that this is representative of a market out of equilibrium and one that will either normalize or correct. That said, a lasting change to the market will be dependant largely on inventory levels, which for the most part have remained well below historical levels and demand.

 

To read the Real Estate Board of Greater Vancouver's stats report click here.