Condos and town homes attracting more buyers

Condos and town homes are attracting more buyers as they get priced out of detached homes.
Sales of detached properties in June dipped 18.6 per cent from a year ago, but their benchmark price increased 38.7 per cent over the past year to more than $1.5 million.
The benchmark price represents the price of a typical property in the market.
Meanwhile apartment sales increased 18.8 per cent over June 2015. Their benchmark price increased 25.3 per cent over the past 12 months to $501,100.
Sales of attached properties like town homes also increased 7.2 per cent over June, 2015 and their benchmark price increased 28.1 per cent to $656,900.

real estate prices turning buyers to condos and town homes James Garbutt New Westminster realtor
Damian checks out a garden condo he recently sold in New westminster. With the benchmark price for detached homes in Metro Vancouver now around $1.5 million, more buyers are turning to condos and town homes.

 
Residential property sales in Metro Vancouver totalled 4,400 in June. That’s 7.7 per cent less than in May, when 4,769 homes were sold. But it’s still .6 per cent more than the 4,375 sales recorded in June, 2015.
The composite benchmark price for all residential properties sold in Metro Vancouver hit $917,800. That’s a 32.1 per cent increase over last June.

Sale of condos and town homes still can’t meet demand

“While we’re starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions,” said Dan Morrison, the president of the Real Estate Board of Greater Vancouver..
In fact the 7,812 residential properties listed on the MLS system in June was 1.1 per cent more than in May; that’s still 35.9 per cent less than the 12,181 properties that were listed in June, 2015.
Morrison said the number of listings since March is greater than any four-month period so far this decade. But it’s still not enough to soften the market.
The ratio of sales to active listings is 56.3 per cent. That’s the lowest it’s been since February but still well above the 12 per cent ratio most analysts expect would bring downward pressure on prices.
Real Estate Board of Greater Vancouver stats for June