The latest report released by the Real Estate Board of Greater Vancouver (REBGV) showed that sales in May 2019 crossed the 2,000 units sold for the first time this year.
However, homebuyer demand remains below historical averages.
“High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today” remarked Ashley Smith, REBGV president.
Residential home sales totaled 2,638 in May 2019, a 6.9% decrease from 2,833 sales recorded in May 2018 and a 44% increase from homes sold in April 2019. Last month’s sales were 22.9% below the 10 year May sales average. This was the lowest total for the month since 2000.
Detached homes – 913 sales in May 2019 – 926 sales in May 2018
Apartments – 1,246 sales in May 2019 – 1,431 sales in May 2018
Attached homes – 479 sales in May 2019 – 476 sales in May 2018
Benchmark price of all residential homes $1,006,400 in May 2019.
There were 5,861 new listings for May on the Multiple Listing Service (MLS). This represents an 8.1% decrease compared to the 6,35 homes listed in May 2018 and a 2.1% increase compared to the 5,724 homes newly listed in April 2019.
The number of listed homes across Metro Vancouver also edged upward 2.3% between April and May, to 14,685, marking the highest number of properties for sale in the region since September 2014. In April 2019 there were 14,357 listings and in May 2018 there were 11,292 home listings.
Sales-To-Active Listings ratio
This ratio explains the relationship between supply and demand that influences price. When the ratio is around or below 12% for a sustained period, then there is downward pressure on prices, and when it is above 20% for a sustained period, there is upward pressure.
Detached homes – 14.2%
Townhomes – 20%
Condominiums – 12%
If you are looking to get into this market before prices start escalating, we are offering a wide range of homes suitable for any budget. Visit our website and browse our wide range of listings.