Home buyer activity returned to near record levels across the Metro Vancouver* housing market in May.
Residential property sales in the region = 4,364 in May 2017, (8.5% decrease from May 2016 which was an all-time record, and an increase of 22.8% compared to April 2017).
Last month’s sales were 23.7% above the 10-year May sales average and is the 3rd 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 is a 3.9% decrease compared to May 2016 and a 23.2% increase compared to April 2017.
The month-over-month increase in new listings was led by detached homes at 27.1%, followed by apartments at 22.7% and townhomes at 14.1%.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,168, a 5.7 % increase compared to May 2016 and a 4.5 % increase compared to April 2017.
"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," Oudil said.
The sales-to-active listings ratio across all residential categories is 53.4 %. By property type, the ratio is 31 % for detached homes, 76.1 % for townhomes, and 94.6 % for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 % mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 % over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $967,500. This represents an 8.8 % increase over May 2016 and a 2.8 % increase compared to April 2017.
Sales of detached properties in May 2017 declined 17 % from the sales recorded in May 2016. The benchmark price for a detached property is $1,561,000. This represents a 3.1 % increase over May 2016 and a 2.9 % increase compared to April 2017.
Sales of apartment properties decreased 5.8 % compared to May 2016.The benchmark price for an apartment property is $571,300. This represents a 17.8 % increase over May 2016 and a 3.1 % increase compared to April 2017.
Attached property sales in May 2017 totalled 791, an increase of 4.9 % compared to the 754 sales in May 2016. The benchmark price for an attached property is $715,400. This represents a 13.1 % increase over May 2016 and a 1.9 % increase compared to April 2017.