News: Vancouver Real Estate Market

Highlights:

• 14% of homeowners in Greater Vancouver, 13% in the Greater Toronto Area and 12% in the Greater Montreal Area own more than one property
• More than 40% of secondary property owners in the greater regions of Vancouver and Toronto, and 21% in the Greater Montreal Area, used equity from their primary residence to make the purchase
• 65% of secondary property owners in Greater Vancouver, 64% in the Greater Toronto Area and 35% in the Greater Montreal Area, are collecting rental income, at least...

Second quarter regional highlights:

• Aggregate price of a home in Canada rose 25.3% year-over-year in the second quarter
• Demand expected to outstrip supply with upward pressure on prices, yet the pace of increases should moderate as peak price appreciation was reached in early Q2
• Greater Montreal's aggregate home price forecast to increase 17.5% year-over-year; the highest in Canada among forecasted regions
• Detached house prices continue to outpace condo appreciation, but the gap is narrowing...

While still elevated, home sale and listing activity in Metro Vancouver has eased back from the record-setting pace seen in March and April of this year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,762 in June 2021, a 54% increase from the 2,443 sales recorded in June 2020, and an 11.9% decrease from the 4,268 homes sold in May 2021.

Last month's sales were 18.4% above the 10-year June sales average.

"Metro Vancouver's housing market...