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June 2021 Real Estate Statistics for Downtown Vancouver


Blog by Ian Watt | July 12th, 2021


This is all you need to know about Downtown Vancouver real estate - Market activity is down in most price brackets, inventory is climbing and prices remain stable.

The real estate market in Metro Vancouver eased in June from its record-setting pace in March and April.  

The Real Estate Board of Greater Vancouver says the number of homes sold in the region totalled 3,762 last month, up 54% from the 2,443 sales recorded a year earlier, but down 11.9% from the 4,268 sold in May 2021.  Sales last month were 18.4% above the 10-year June sales average.

"Metro Vancouver's housing market continues to experience strong sellers' market conditions, although the intensity of demand has eased from what we saw throughout most of the spring," REBGV economist Keith Stewart said.

Focusing on the Downtown Vancouver condo market in June 2021, there is significantly less sales but reasonable activity in all price brackets under $2 million. 

 

The under $900,000 market is selling at 32%, 138 out of 431 homes are selling, down 13% from last month. 

The $900,000 to $1,000,000 market is selling at 21%, 16 out of 75 homes are selling, down 12% from last month. 

The $1,000,000 to $1,250,000 market is selling at 9%, 8 out of 92 homes are selling, down 21% from last month. 

The $1,250,000 to $2,000,000 market is selling at 15%, 27 out of 176 homes are selling, down 1% from last month.

The $2,000,000 to $2,500,000 market is selling at 2%, 1 out of 53 homes are selling, down 19% from last month.

The $2,500,000 to $3,000,000 market is selling at 9%, 4 out of 43 homes are selling, up 3% from last month.

The $3,000,000 to $5,000,000 market is selling at 1%, 1 out of 72 homes are selling, down 11% from last month.

The $5,000,000 plus market is selling at 4%, 2 out of 51 homes are selling, up 4% from last month.

Total unit sales in Downtown Vancouver were down 28% from last month and up 48% from June 2020 - during the Covid Lockdown. 

Those who are priced correctly for this market are selling on average at a rate of 12 days, which is up from 9 days last month.

The median price increased 2% from last month, and the median price increased 2% from June 2020. 

The average price per square foot decreased 0.4% from $1,049 in May to $1,054 in June.

Our Downtown Vancouver inventory has increased 6% as there are presently 993 active listings.  

As always, the sellers’ best bets still remain 1 bedroom condos in particular in the Downtown. And the buyers’ best bets are units priced between $2.25 to $3.0 million, in particular condos in Coal Harbour.  

I hope you find this helpful, but should you have any questions please don’t hesitate to ask.

Sincerely,

Ian