Metro Vancouver home sales exceed 2,000 for the first time in 2019, while buyer demand remains below averages.
The Real Estate Board of Greater Vancouver (REBGV) reports residential sales in Metro Vancouver area totaled 2,638 in May 2019, a 44.2% increase from the 1,829 homes sold in April 2019.
"High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today," Ashley Smith, REBGV president said.
May saw 5,861 new listings for residential properties on the Multiple Listing Service® MLS® in Metro Vancouver. This compared to the 6,375 homes listed the previous year and 2.1% increase compared to April 2019.
Currently there are 14,685 residential homes listed for sale on the MLS® system in Metro Vancouver, a 30% increase compared to May 2018 and a 2.3% increase compared to April 2019. This is the highest its been since September 2014 (14,832).
Getting your pricing right is KEY for both Buyers and Sellers in today's market.
In the Metro Vancouver area, the MLS® benchmark listing price for all residential homes is currently $1,006,400. This represents a 0.4% decrease compared to last month.
Detached home sales reached 913 in May 2019, a 1.4% decrease from the 926 detached sales recorded in May 2018. The benchmark price for a detached home in our region is $1,421,900. This is a 0.5% decrease compared to April 2019.
Apartment sales reached 1,246 in May. The benchmark price of an apartment is currently $664,200. A 0.5% decrease compared to April 2019.
May saw a total of 479 attached home sales, with the benchmark price being $779,400. This represents a 0.6% increase compared to April 2019.