Home sales in the Greater Vancouver Area (GVA) in May came in lower than typical sales for the month, says the Greater Vancouver Realtors association (GVR). There were 2,733 sales, a 20% decline from May 2023, also 20% off the 10-year seasonal average for May (3,398). On the plus side, the low sales volume contributed to an increase in homes on the market, which reached more than 13,600 in May, a 46.3% increase over May 2023 (9,293) and 19.9% above the 10-year seasonal average (11,344). “The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data,” said Andrew Lis, GVR’s director of economics and data analytics at GVR. “It’s a natural inclination to chalk these trends up to one factor or another but what we’re seeing is a culmination of factors influencing buyer and seller decisions in the market right now.” “It’s everything from higher borrowing costs, to worries about the economy, to policy interventions imposed by various levels of government.” There were 6,374 new listings of properties of all types, a 12.6% increase from May 2023 and a seven per cent increase compared to the 10-year seasonal average. The aggregate sales-to-active-listings ratio was 20.8% in May, standing at 16.8% for single-family homes, 25.1% for attached homes and 22.5% for apartments. “With market trends now tilting back toward more balanced conditions, as the number of new listings outpaces the number of sales, we should expect to see slower price growth over the coming months,” said Lis. “Up until recently, prices were climbing modestly across all market segments. But with rising inventory levels and softening demand, buyers who’ve been waiting for an opportunity might have more luck this summer, even if borrowing costs remain elevated.” The aggregate composite benchmark price in the GVA was $1,212,000, a 2.3% increase over May 2023 and a 0.5% increase from April 2024. By property type, sales of single-family homes reached 846, down 18.9% from the 1,043 sales in May 2023. The benchmark price for a single-family home was $2,062,600, a 5.9% increase from May last year and a 1.3% increase from April 2024. Apartment sales reached 1,338 in May, down 22.7% from May 2023. The benchmark price was $776,200, a 2.2% increase from May last year and a 0.3% decrease from April 2024. Sales of attached homes in May 2024 were 523, a 14% decrease from May 2023. The benchmark price of a townhouse was $1,145,500, up 5.2% increase from May last year and a 0.9% increase from April 2024.
Home sales in the Greater Vancouver Area (GVA) in May came in lower than typical sales for the month, says the Greater Vancouver Realtors association (GVR). There were 2,733 sales, a 20% decline from May 2023, also 20% off the 10-year seasonal average for May (3,398). On the plus side, the low sales volume contributed to an increase in homes on the market, which reached more than 13,600 in May, a 46.3% increase over May 2023 (9,293) and 19.9% above the 10-year seasonal average (11,344). “The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data,” said Andrew Lis, GVR’s director of economics and data analytics at GVR. “It’s a natural inclination to chalk these trends up to one factor or another but what we’re seeing is a culmination of factors influencing buyer and seller decisions in the market right now.” “It’s everything from higher borrowing costs, to worries about the economy, to policy interventions imposed by various levels of government.” There were 6,374 new listings of properties of all types, a 12.6% increase from May 2023 and a seven per cent increase compared to the 10-year seasonal average. The aggregate sales-to-active-listings ratio was 20.8% in May, standing at 16.8% for single-family homes, 25.1% for attached homes and 22.5% for apartments. “With market trends now tilting back toward more balanced conditions, as the number of new listings outpaces the number of sales, we should expect to see slower price growth over the coming months,” said Lis. “Up until recently, prices were climbing modestly across all market segments. But with rising inventory levels and softening demand, buyers who’ve been waiting for an opportunity might have more luck this summer, even if borrowing costs remain elevated.” The aggregate composite benchmark price in the GVA was $1,212,000, a 2.3% increase over May 2023 and a 0.5% increase from April 2024. By property type, sales of single-family homes reached 846, down 18.9% from the 1,043 sales in May 2023. The benchmark price for a single-family home was $2,062,600, a 5.9% increase from May last year and a 1.3% increase from April 2024. Apartment sales reached 1,338 in May, down 22.7% from May 2023. The benchmark price was $776,200, a 2.2% increase from May last year and a 0.3% decrease from April 2024. Sales of attached homes in May 2024 were 523, a 14% decrease from May 2023. The benchmark price of a townhouse was $1,145,500, up 5.2% increase from May last year and a 0.9% increase from April 2024.
