Last month, home sellers in Metro Vancouver finally experienced a small break.
According to the Real Estate Board of Greater Vancouver (REBGV), May saw a modest rise in home sales while the growing number of listings reached a five-year high.
Home Sales on the Rise
Although last month’s sales were 22.9% below the 10-year May sales average with 2,638 homes sold, it was also a 44.2% increase from the 1,829 homes sold in April 2019.
Government Policies Continue to Affect Market Trends
According to Ashley Smith, REBGV President, “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.”
Increased Listings and Reduced Demand Create Downward Pressure
In May 2019, there were 5,861 newly listed properties on the MLS® system in Metro Vancouver. These included detached and attached homes as well as apartments. This represents an 8.1% decrease compared to the 6,375 homes listed in May 2018, and a 2.1% increase compared to the 5,742 homes listed in April 2019.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,685. This number represents a 30% increase compared to the 11,292 homes listed in May 2018, and a 2.3% increase compared to the 14,357 homes listed in April 2019.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,006,400. This represents an 8.9% decrease from May 2018, and a 0.4% decrease compared to April 2019.
Sales of detached homes in May 2019 reached 913 and saw a 1.4% decrease compared to 926 sales in May 2018. The benchmark price for a detached home is now $1,421,900. This represents an 11.5% decrease from May 2018, and a 0.5% decrease compared to April 2019.
There were 1,246 sales of apartment homes in May 2019, a 12.9% decrease compared to 1,431 apartment sales in May 2018. The benchmark price of an apartment property is $664,200. This represents a 7.3% decrease from May 2018, and a 0.5% decrease compared to April 2019.
Attached home sales in May 2019 saw a 0.6% increase with 479 homes sold compared to 476 in May 2018. The benchmark price of an attached home is $779,400. This represents a 7.6% decrease from May 2018, and a 0.6% increase from April 2019.
Learn More About Market Trends
If you’re a buyer or seller trying to keep up with the market trends, getting the pricing right is the key to success. Stilhavn’s team of top REALTORS® is here to help you navigate the industry.