An increase in home buyer demand put Greater Vancouver in the upper reaches of a balanced real estate market in May.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 3,286 on the Multiple Listing Service® (MLS®) in May 2014. This
represents a 14 per cent increase compared to the 2,882 sales recorded in May 2013, and a 7.7
per cent increase compared to the 3,050 sales in April 2014.
Last month’s sales were 6.5 per cent below the 10-year sales average for May of 3,514.
The sales-to-active-listings ratio currently sits at 20.4 per cent in Greater Vancouver, which is the
first time that this measure has been above 20 per cent since June 2011.
“Our MLS® statistics tell us that there’s more home buyer demand today than at any point over
the last three years,” Ray Harris, REBGV president said. “With sales surpassing the 3,000 mark
in May and our sales-to-active-listing ratio exceeding 20 per cent, this is the most active
marketplace we’ve seen since the spring of 2011,”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,936
in May. This represents a 5 per cent increase compared to the 5,656 new listings in May 2013
and a 0.2 per cent decline from the 5,950 new listings in April. Last month’s new listing count
was 2 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Greater
Vancouver is 16,072, a 6.7 per cent decline compared to May 2013 and a 3.6 per cent increase
compared to April 2014.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $624,000. This represents a 4.3 per cent increase compared to May 2013.
“Home prices have experienced consistent yet modest increases in our region since the beginning
of 2013,” Harris said.
Sales of detached properties in May 2014 reached 1,453, an increase of 19.9 per cent from the
1,212 detached sales recorded in May 2013, and a 23.1 per cent increase from the 1,180 units
sold in May 2012. The benchmark price for detached properties increased 5.4 per cent from May
2013 to $966,500.
Sales of apartment properties reached 1,286 in May 2014, an increase of 13.2 per cent compared
to the 1,136 sales in May 2013, and an 11.2 per cent increase compared to the 1,156 sales in May
2012. The benchmark price of an apartment property increased 3.2 per cent from May 2013 to
Attached property sales in May 2014 totalled 547, a 2.4 per cent increase compared to the 534
sales in May 2013, and a 5.8 per cent increase over the 517 attached properties sold in May
2012. The benchmark price of an attached unit increased 3.1 per cent between May 2013 and
2014 to $469,100.
**This article was originally published by the Real Estate Board of Greater Vancouver: