The Metro Vancouver market remained competitive in May, leading to upward pressure on home prices, especially in the detached home segment.
According to the Real Estate Board of Greater Vancouver (REBGV), there were 4,056 home sales on the Multiple Listing Service (MLS) in Metro Vancouver this May, a 23.4-per-cent-increase over the 3,286 sales posted in May 2014. However, May’s sales were a 2.9-per-cent-decrease from the 4,179 sales in April 2015, which was 16.7-per-cent higher than the 10-year sales average for April.
“We continue to see strong competition for homes that are priced right for today’s market,” said Darcy McLeod, REBGV president, in a press release. “It’s important to remember that real estate is hyper local, particularly in a seller’s market. This means that conditions and prices vary depending on property type, neighbourhood and other factors.”
There were 5,641 new detached, attached and apartment listings in Metro Vancouver for May, a five-per-cent decrease from the 5,936 listings in May 2014. The total current listings on MLS for Greater Vancouver dropped 23.2 per cent year-over-year, to 12,336, and represent a 0.8-per-cent decline from April 2015.
“While the supply of homes for sale remains below what’s typical for this time of year, our region continues to offer a diverse selection of housing options at different price points,” said McLeod. “This diversity within the housing stock is part of what’s driving today’s home sale activity.”
According to the MLS Home Price Index, the composite benchmark price for all residential properties stands at $684,400, a 9.4-per-cent increase over the same period last year. Meanwhile, the sales-to-active listings ratio for May was 32.9 per cent, the highest it has been in this region since June 2007.
Detached property sales increased 18.6 per cent over May 2014. The benchmark price for a detached home in Metro Vancouver sits at $1,104,900, a 14.1-per-cent increase over May 2014. Apartment property sales increased 24.4 per cent year-over-year, with the benchmark price increasing 4.6 per cent compared to May 2014, to $396,900. Attached property sales increased 34 per cent year-over-year, while the benchmark price increased 6.4 per cent, to $501,000.