Metro Vancouver homes sales in May reached record levels

By

VANCOUVER (NEWS 1130) – Perhaps this is more evidence the local housing market has cooled off a bit compared to last year. The Real Estate Board of Greater Vancouver says home sales fell last month to 4,364 which is a drop of 8.5 per cent from May 2016 when 4,769 sales were snapped up but an increase of 22.8 per cent compared to April 2017 when 3,553 homes sold.

The board says last month’s sales were 23.7 per cent above the 10-year May sales average and, overall, it’s the third-highest selling May on record.

“Demand for condominiums and townhomes are driving today’s activity,” explains board President Jill Oudil. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.”

The board says new listings for detached, attached and apartments in the region totalled 6,044 last month. That’s a nearly four per cent decrease when compared to the 6,289 units listed in May 2016 but a 23.2 per cent increase compared to April 2017 when 4,907 homes were on the market.

The number of properties listed for sale in Metro Vancouver right now is 8,168, a 5.7 per cent increase compared to May 2016 (7,726) and a 4.5 per cent increase compared to April 2017 (7,813).

“Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline,” says Oudil. “While sales are inching closer to the record-breaking pace of 2016, the market itself looks different. Sales last year were driven by demand for single-family homes. This year, it’s clear that townhomes and condominiums are leading the way.”

The benchmark price for all residential homes in Metro Vancouver is about $967,500. The board says that’s an 8.8 per cent increase over May 2016 and a 2.8 per cent increase compared to April 2017.

“Sales of detached properties in May 2017 reached 1,548, a decrease of 17 per cent from the 1,865 detached sales recorded in May 2016. The benchmark price for a detached property is $1,561,000. This represents a 3.1 per cent increase over May 2016 and a 2.9 per cent increase compared to April 2017,” says the board in a release. “Sales of apartment properties reached 2,025 in May 2017, a decrease of 5.8 per cent compared to the 2,150 sales in May 2016.The benchmark price for an apartment property is $571,300. This represents a 17.8 per cent increase over May 2016 and a 3.1 per cent increase compared to April 2017.”

Attached property sales in last month totalled 791, a jump of 4.9 per cent compared to the 754 sales in May 2016. The benchmark price for an attached home is $715,400 which is a 13 per cent increase over May 2016 and nearly two per cent higher compared to this past April.

Top Stories

Top Stories

Most Watched Today