VANCOUVER (NEWS1130) – Sales of homes in the region were the lowest in more than a decade, while prices remained relatively stable, according to the Real Estate Board of Greater Vancouver (REBGV).

It says residential property sales of detached, attached and apartment properties reached 2,362 in June. That’s a 28 per cent drop from June 2011 sales and a 17 per cent decline compared sales in May 2012.
June 2012 sales were the lowest total for the month in the region since 2000 and 32 per cent below the 10-year June sales average of 3,484.

“Overall conditions have trended in favour of buyers in our marketplace in recent months,” explains REBGV President Eugen Klein. “This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”

New listings in Metro Vancouver totalled 5,617 in June, which is a three percent drop compared to June 2011 and an 19 per cent decline compared to May of this year.

The benchmark price for detached properties increased three per cent from June 2011 to $961,600. The benchmark price of an apartment and attached unit remained about the same, at $376,200 and $468,400, respectively.