Cooling demand in Metro Vancouver’s housing market allowed supply to accumulate in May, however, the amount of homes for sale still remain below long-term averages.
In May, a total of 2,833 homes changed hands in the region, a 35 per cent decrease compared to 4,364 sales recorded a year ago, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV), published June 1.
Last month’s sales were 19 per cent below the 10-year May sales average.
“With fewer homes selling today compared to recent years, the number of homes available for sale is rising,” says Phil Moore, REBGV president, in a statement.
“The selection of homes for sale in Metro Vancouver has risen to the highest levels we’ve seen in the last two years, yet supply is still below our long-term historical averages,” he adds.
Here are 11 more facts that show how easing demand pushed up housing supply in Greater Vancouver in May.
1. Overall, there were 6,375 properties (detached, attached and condo) newly listed for sale last month, up 5.5 per cent from the 6,044 homes listed a year ago. This also represents a 9.5 per cent increase compared to April 2018 when 5,820 homes were listed.
2. Last month, there were a total of 11,292 properties listed for sale in Metro Vancouver — a 38 per cent increase compared to 8,168 properties recorded in May 2017.
3. According to REBGV, the total number of listings available last month was 17 per cent below the 10-year May average.
4. For all property types, the sales-to-active listings ratio was 25 per cent in May. REBGV says typically downward pressure on home prices occurs when the ratio falls below the 12 per cent mark for a prolonged period, while home prices generally experience upward pressure when it surpasses 20 per cent for a sustained period.
5. Last month, the benchmark price of a home for all property types was $1,094,000, an 11.5 per cent uptick from May 2017.
6. Detached home sales in Metro Vancouver continued to fall last month with a total of 926 sales — down 40 per cent from the 1,548 units sold a year ago.
7. The benchmark price of a detached home hit $1,608,000 in May, up two per cent from the same period a year ago.
8. In the condo segment, a total of 1,431 units sold in May, down 29 per cent from the 2,025 sales recorded in May 2017.
9. Last month, the benchmark price of a condo reached $701,700 — a 20 per cent year-over-year increase.
10. A total of 476 attached homes sold in Metro Vancouver in May, down nearly 40 per cent from the 791 sales in May 2017.
11. The benchmark price of an attached home was $859,500 last month — a 16 per cent increase from a year ago.