Metro Vancouver real estate market heats up in May

The number of total home sales in Metro Vancouver climbed 22.8% last month compared to April’s numbers, according to the Real Estate Board of Greater Vancouver (REBGV).

A total of 4,364 property sales were reported in the region, making last month the third-highest selling May on record. In fact, the figures were almost 24% above the 10-year sales average for the month.

However, this amount is still 8.5% less than the number of homes sold in the same time period last year, when an all-time record of 4,769 homes were sold.

Still, May 2017’s figures were almost 24% above the 10-year sales average for May.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,044 in May 2017. The REBGV said this number represents a 3.9 % decrease compared to May 2016, but a 23.2% increase compared to April 2017.

The benchmark price for all residential properties in Metro Vancouver is currently $967,500. This is an 8.8 % increase over May 2016 and a 2.8 % increase compared to April 2017.

But when specifically looking at detached properties in Metro Vancouver last month, that figure climbed to $1,561,000: A 3.1% increase over May 2016.

However, while the month-over-month increase in new listings was led by detached homes at 27 % followed, sales of detached homes decreased by 17% compared to May 2016.

Condos, townhomes also driving market activity

“Demand for condominiums and townhomes is driving today’s activity,” said 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.”

While sales are “inching closer to the record-breaking pace of 2016, the market itself looks different. Sales last year were driven by demand for single-family homes,” said Oudil. “This year, it’s clear that townhomes and condominiums are leading the way.”

Apartments and attached properties

Sales of apartment properties decreased 5.8% last month, compared to May 2016.

The benchmark price for an apartment property is $571,300. This is a 17.8% increase over May 2016.

Attached property sales in May 2017 increased 4.9% over May 2016. The benchmark price for an attached property is $715,400. This represents a 13.1% increase over May 2016.