Newspaper article The Canadian Press

Vancouver Condo Market Heats Up While Detached Home Sales Cool: Board

Newspaper article The Canadian Press

Vancouver Condo Market Heats Up While Detached Home Sales Cool: Board

Article excerpt

Vancouver condo market up while house sales cool

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Vancouver's housing sales have divided into two separate markets with condominium's being snatched up while detached homes remain on the market longer.

Figures released Wednesday by the Real Estate Board of Greater Vancouver showed an 11.5 per cent drop in the market last month compared with the over-heated market in June last year.

However, the board says last month's sales were still 14.5 per cent above the 10-year sales average for the month of June.

The ratio of sales to listings for June by property type is 24.5 per cent for detached homes, 62 per cent for townhomes and 93.2 per cent for condominiums.

The board says analysts expect downward pressure on home prices when that ratio dips below 12 per cent and say there is upward pressure when the figure goes over 20 per cent for several months. …

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