Hey everyone,
We’ve got the latest scoop on the Metro Vancouver real estate scene, and it’s a mixed bag this May! Here’s what’s buzzing:
Sales Dip While Listings Soar:
Home sales in Metro Vancouver took a breather in May, dropping 19.9% from last year. Only 2,733 homes exchanged hands this month, quite the dip from the 3,411 sales in May 2023.
However, the inventory is building up! Over 13,000 homes are now listed on the MLS®, a whopping 46.3% increase from last year.
What’s Cooking in the Market?
Andrew Lis from Greater Vancouver REALTORS® explains the sales dip is due to a cocktail of higher borrowing costs, economic jitters, and new government policies.
Despite the slowdown, new listings are on the rise, with a 12.6% increase from last year. Looks like sellers are feeling optimistic!
Price Trends:
The MLS® Home Price Index (HPI) benchmark for all residential properties sits at $1,212,000. That’s a 2.3% bump from last year and a slight 0.5% rise from April.
Detached homes are going for around $2,062,600, a 5.9% hike from last year.
Apartments are priced at $776,200, up 2.2% year-over-year.
Townhouses are now at $1,145,600, marking a 5.2% increase.
Sales-to-Listings Ratio:
The overall sales-to-active listings ratio is 20.8%, indicating a balanced market. By property type, detached homes are at 16.8%, attached homes at 25.1%, and apartments at 22.5%.
Historically, prices climb when this ratio is over 20% for several months, so keep an eye out!
What’s Next?
With inventory rising and demand softening, we might see slower price growth in the coming months. Good news for buyers looking for a summer deal, even with those high borrowing costs!
Stay tuned for more updates and happy house hunting!
Mild Homes
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