Photo: Kenny Louie/Flickr
A total of 4,769 homes were sold in Metro Vancouver last month, and according to the Real Estate Board of Greater Vancouver (REBGV), that’s a new record for the month of May.
While sales were down 0.3 per cent from April, they were up 17.6 per cent from May 2015 and 35.3 per cent above the 10-year sales average for the month. Home prices saw an even steeper rise last month, with the MLS Home Price Index composite benchmark for all Metro Vancouver residential properties coming in at $889,100, an increase of 29.7 per cent from the year-ago period.
Sales were driven in part by more activity from home sellers, according to REBGV president Dan Morrison. New listings were up 11.5 per cent from May 2015 and 2.6 per cent from the previous month, he pointed out in a press release that accompanied the new data. Increased demand from buyers also played a role, as did “[e]conomic and job growth in Metro Vancouver.” Currently, the region is outperforming most others in the country in those areas.
Apartment sales saw the biggest increase by far, with 2,150 being sold last month. That’s 34.4 per cent higher than the amount sold in May 2015. Meanwhile, detached property sales rose by 8.2 per cent from the year-ago period and attached property sales increased by 2.9 per cent.
Detached properties saw the biggest rise in terms of price — the benchmark price for a detached property in Metro Vancouver reached $1,513,800 in May, up 36.9 per cent from the previous year. Benchmark prices for attached properties and apartments saw less sizeable increases of 24.9 and 22.3 per cent, respectively.
All in all, Metro Vancouver remains very much a seller’s market, as indicated by last month’s sales-to-active-listings ratio. It came in at 61.7 per cent, well above the range of 20 to 22 per cent when home prices begin to experience upward pressure.