Last month was the highest selling June and the second highest monthly total on record for the Real Estate Board of Greater Vancouver. There were 4,375 homes sold last month on the boards MLS. This is an increase of 28.4% compared to June 2014 and 29.1% above the June 10 year average. June also marked the fourth consecutive month that total sales surpassed the 4,000 mark, this is another first in the boards history.
There is a steady stream of new listings hitting the market but the overall homes for sale is not keeping up with buyer demand. There were 5,803 homes listed in June 2015 which is up 8.7% from last year. All totalled there were 12,181 listings in the month of June, which is down 23.9% compared to last year and is the lowest total we've seen in June since 2006.
In short, there is an increasing number of buyers competing for fewer home listings. This is causing increased upward pressure on home prices. The benchmark price for all residential properties rose to $694,000, which is up 10.3% compared to June of last year.