Demand remains elevated across the Metro Vancouver housing market
Residential property sales on the region's Multiple Listing Service® (MLS®) totalled 4,769 in May 2016, an increase of 17.6 percent from the 4,056 sales recorded in May 2015 and a decrease of 0.3 percent compared to April 2016 when 4,781 homes sold.
Last month’s sales were 35.3 percent above the 10-year sales average for the month and rank as the highest sales total on record for May.
"Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today," Dan Morrison, REBGV president said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,289 in May 2016. This represents an increase of 11.5 percent compared to the 5,641 units listed in May 2015 and a 2.6 percent increase compared to April 2016 when 6,127 properties were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,726, a 37.3 percent decline compared to May 2015 (12,336) and a 2.3 percent increase compared to April 2016 (7,550).
"Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity," Morrison said.
The sales-to-active listings ratio for May 2016 is 61.7 percent. This is indicative of a seller’s market.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark, while home prices often experience upward pressure when it reaches the 20 to 22 percent range in a particular community for a sustained period of time.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $889,100. This represents a 29.7 percent increase compared to May 2015.
Sales of detached properties in May 2016 reached 1,865, an increase of 8.2 percent from the 1,723 detached sales recorded in May 2015. The benchmark price for detached properties increased 36.9 percent from May 2015 to $1,513,800.
Sales of apartment properties reached 2,150 in May 2016, an increase of 34.4 percent compared to the 1,600 sales in May 2015. The benchmark price of an apartment property increased 22.3 percent from May 2015 to $485,000.
Attached property sales in May 2016 totalled 754, an increase of 2.9 percent compared to the 733 sales in May 2015. The benchmark price of an attached unit increased 24.9 percent from May 2015 to $632,400.