May Market Update 

Metro Vancouver Sales Surpass 4,000 for 3rd Consecutive Month

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,056 on the MLS® in May 2015. This represents a 23.4% increase compared to the 3,286 sales recorded in May 2014, and a decrease of 2.9% compared to the 4,179 sales in April 2015.

Last month’s sales were 16.7% above the 10-year sales average for the month. 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,641 in May. This represents a 5% decrease compared to the 5,936 new listings reported in May 2014.

 The total number of properties currently listed for sale on the region’s MLS® is 12,336, a 23.2% decline compared to May 2014 and a 0.8% decline compared to April 2015. 

Sales of detached properties in May 2015 reached 1,723, an increase of 18.6% from the 1,453
detached sales recorded in May 2014, and a 42.2% increase from the 1,212 units sold in May 2013. The benchmark price for a detached property in Metro Vancouver increased 14.1% from May 2014 to $1,104,900. 

Sales of apartment properties reached 1,600 in May 2015, an increase of 24.4% compared to the 1,286 sales in May 2014, and an increase of 40.8% compared to the 1,136 sales in May 2013. The benchmark price of an apartment property increased 4.6% from May 2014 to $396,900. 

Attached property sales in May 2015 totalled 733, an increase of 34% compared to the 547 sales in May 2014, and a 37.3% increase from the 534 attached properties sold in May 2013. The benchmark price of an attached unit increased 6.4% between May 2014 and 2015 to $501,000