The stats from the Real Estate Board of Greater Vancouver have been released for May. We are seeing that the demand for condos and townhouses are driving today’s market as first-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing. On the other hand, home buyers are beginning to have more selection to choose from in the detached market.
Please take a read below and let me know if you have any questions, I look forward to helping you!
Market Activity Picks Up In May
the Metro Vancouver* housing market in May.
Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 per cent
from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 per cent compared
to April 2017 when 3,553 homes sold.
Last month’s sales were 23.7 per cent above the 10-year May sales average and is the third highest
selling May on record.
"Demand for condominiums and townhomes is driving today’s activity," Jill Oudil, Real Estate
Board of Greater Vancouver (REBGV) president said. “First-time buyers and people looking to
downsize from their single-family homes are both competing for these two types of housing.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,044
in May 2017. This represents a 3.9 per cent decrease compared to the 6,289 units listed in May
2016 and a 23.2 per cent increase compared to April 2017 when 4,907 homes were listed.
followed by apartments at 22.7 per cent and townhomes at 14.1 per cent.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
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).
but the number of condominiums for sale continues to decline," Oudil said.
type, the ratio is 31 per cent for detached homes, 76.1 per cent for townhomes, and 94.6 per cent
the 12 per cent mark for a sustained period, while home prices often experience upward pressure
when it surpasses 20 per cent over several months.
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,” said Oudil. “It’s important to work with your local REALTOR® to understand the different factors affecting the market today.”
Vancouver is currently $967,500. This represents 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.
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
Attached property sales in May 2017 totalled 791, an increase of 4.9 per cent compared to the
754 sales in May 2016. The benchmark price for an attached property is $715,400. This
represents a 13.1 per cent increase over May 2016 and a 1.9 per cent increase compared to April
Click here to download the complete stats package.