As I first mentioned in an early May blog posting, action in the Greater Vancouver detached home vs. the condo/townhome market differs substantially. It really is a tale of multiple markets. And, according to June numbers just released by the Real Estate Board, this disconnect continues.
The number of condos listed for sale on the MLS has decreased every month since February, pushing listings closer to an all-time low. The issue is not lack of demand; on the contrary, it's one of supply failing to keep up with growing demand. In June the sales-to-active listings ratio for condos was 93.2%; anything higher than 20% is associated with upward price pressure.
And that price pressure is borne out. Condo prices across Greater Vancouver increased 17.6% year-over-year in June, compared with a more modest 1.4% over the year for detached homes. Find more information here.