May Market Reveiw

Home Buyer Demand Increases Across Greater Vancouver Housing Market

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,286 in May 2014. This represents a 14% increase compared to the 2,882 sales recorded in May 2013, and a 7.7% increase compared to the 3,050 sales in April 2014.

“Our MLS® statistics tell us that there's more home buyer demand today than at any point over the last three years,” REBGV president said. “With sales surpassing the 3,000 mark in May and our sales-to- active-listing ratio exceeding 20%, this is the most active marketplace we've seen since the spring of 2011.” 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,936 in May. This represents a 5% increase compared to the 5,656 new listings in May 2013 and a 0.2% decline from the 5,950 new listings in April. Last month's new listing count was 2% below the region's 10-year new listing average for the month.

Sales of detached properties in May 2014 reached 1,453, an increase of 19.9% from the 1,212 detached sales recorded in May 2013, and a 23.1% increase from the 1,180 units sold in May 2012. The benchmark price for detached properties increased 5.4% from May 2013 to $966,500. 

Sales of apartment properties reached 1,286 in May 2014, an increase of 13.2% compared to the 1,136 sales in May 2013, and an 11.2% increase compared to the 1,156 sales in May 2012. The benchmark price of an apartment property increased 3.2% from May 2013 to $377,500. 

Attached property sales in May 2014 totalled 547, a 2.4% increase compared to the 534 sales in May 2013, and a 5.8% increase over the 517 attached properties sold in May 2012. The benchmark price of an attached unit increased 3.1% between May 2013 and 2014 to $469,100.