An increase in home buyer demand put Greater Vancouver in the upper reaches of a balanced real estate market in May.
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.
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.
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,”
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
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.
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.
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
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 $377,500.
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