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I have listed a new property at 401 1006 BEACH AVE in Vancouver.
UNBEATABLE WATERFRONT LOCATION - BEACH DISTRICT neighborhood! 2 bed + 2 bath WEST facing private corner unit with a covered...
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Please visit our Open House at 401 1006 BEACH AVE in Vancouver.
Open House on Saturday, July 1, 2017 2:00PM - 4:00PM
UNBEATABLE WATERFRONT LOCATION - BEACH DISTRICT neighborhood! 2 bed...
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Please visit our Open House at 401 1006 BEACH AVE in Vancouver.
Open House on Sunday, July 2, 2017 2:00PM - 4:00PM
UNBEATABLE WATERFRONT LOCATION - BEACH DISTRICT neighborhood! 2 bed +...
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I have sold a property at 1363 8TH AVE W in Vancouver.
The PERFECT TOWNHOME! Located in FULLY RAINSCREENED Fairview Village steps to Granville Island. This 2-bdrm, 3-bath, 1123 sf, 2-level...
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I have sold a property at 503 BEACH CRES in Vancouver.
This remarkable reno'd & sophisticated townhome is like living in a 2,700 sf house with the convenience of being a few steps from...
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I have sold a property at PH12 2150 HASTINGS ST E in Vancouver.
A Huge Private Roof Top Deck & 360 Degree Views of Water, Downtown, & Northshore Mountains awaits your attention!...
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I have sold a property at 61 18199 70 AVE in Surrey.
Beautiful and bright end unit in Augusta that feels like a house with a private, treed & south facing yard directly off main living...
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Home buyer activity returned to near record levels across the Metro Vancouver housing market in May.

Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 per cent from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 per cent compared to April 2017 when 3,553 homes sold.

Last month’s sales were 23.7 per cent above the 10-year May sales average and is the third-highest selling May on record.

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

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,044 in May 2017. This represents a 3.9 per cent decrease compared to the 6,289 units listed in May 2016 and a 23.2 per cent increase compared to April 2017 when 4,907 homes were listed.

The month-over-month increase in new listings was led by detached homes at 27.1 per cent, followed by apartments at 22.7 per cent and townhomes at 14.1 per cent.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,168, a 5.7 per cent increase compared to May 2016 (7,726) and a 4.5 per cent increase compared to April 2017 (7,813).

"Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline," Oudil said.

The sales-to-active listings ratio across all residential categories is 53.4 per cent. By property type, the ratio is 31 per cent for detached homes, 76.1 per cent for townhomes, and 94.6 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“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. This year, it's clear that townhomes and condominiums are leading the way,” said Oudil. “It’s important to work with your local REALTOR® to understand the different factors affecting the market today.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $967,500. This represents an 8.8 per cent increase over May 2016 and a 2.8 per cent increase compared to April 2017.

Sales of detached properties in May 2017 reached 1,548, a decrease of 17 per cent from the 1,865 detached sales recorded in May 2016. The benchmark price for a detached property is $1,561,000. This represents a 3.1 per cent increase over May 2016 and a 2.9 per cent increase compared to April 2017.

Sales of apartment properties reached 2,025 in May 2017, a decrease of 5.8 per cent compared to the 2,150 sales in May 2016.The benchmark price for an apartment property is $571,300. This represents a 17.8 per cent increase over May 2016 and a 3.1 per cent increase compared to April 2017.

Attached property sales in May 2017 totalled 791, an increase of 4.9 per cent compared to the 754 sales in May 2016. The benchmark price for an attached property is $715,400. This represents a 13.1 per cent increase over May 2016 and a 1.9 per cent increase compared to April 2017.

   
Download the full May 2017 stats package here
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