Home sales in Greater Vancouver continued to soar in May, rising 23 per cent year over year and 16.7 per cent above the 10-year average, according to Real Estate Board of Greater Vancouver (REBGV) figures released June 2.
Housing inventory in the region also continued to tighten both month over month and year over year, pushing benchmark prices up 9.4 per cent year over year, said the board.
Prices were again at record highs, with the benchmark price of a Greater Vancouver home rising to $684,400, a 9.4 per cent increase compared with May 2014.
Townhomes continue to be the property type with the highest sales growth, followed by condos, although single-family homes saw by far the biggest price increases.
“We continue to see strong competition for homes that are priced right for today’s market,” said Darcy McLeod, REBGV president. “It’s important to remember that real estate is hyperlocal, particularly in a sellers' market. This means that conditions and prices vary depending on property type, neighbourhood and other factors."
Sales and Listings
Greater Vancouver home sales totalled 4,056 in May, a 23.4 per cent increase compared with the 3,286 sales recorded in May 2014, but a 2.9 per cent decrease compared with the 4,179 sales in April 2015.
Broken down by housing type, single-family detached home sales in May reached 1,723, an increase of 18.6 per cent from the 1,453 detached home sales in May 2014.
Sales of townhouses and other attached properties saw the biggest rises, with the 733 sales an increase of 34 per cent compared with the 547 sales in May 2014.
There were 1,600 condo sales in Greater Vancouver in May, a 24.4 per cent rise over the 1,286 sales in May 2014.
New listings totalled 5,461 in May, a 5 per cent decrease compared with the 5,936 new listings in May 2014.
Total listings in May stood at 12,336, a 23.2 per cent drop compared with May 2014 and a 0.8 per cent fall compared with last month.
Greater Vancouver’s sales-to-active-listings ratio in May was 32.9 per cent. This is a slight easing off compared with the 33.6 per cent seen in April, but keeps the region firmly in a sellers’ market.
|May/Apr 15||May 15/14|
“While the supply of homes for sale remains below what’s typical for this time of year, our region continues to offer a diverse selection of housing options at different price points,” added McLeod. “This diversity within the housing stock is part of what’s driving today’s home sale activity.”
Benchmark Prices (MLS® Home Price Index)
The benchmark price of a home, as a composite of property types, rose to a record $684,400, a 9.4 per cent increase compared with May 2014.
Single-family homes in Greater Vancouver predictably saw the largest price rises again in May, rising 14.1 per cent compared with May 2014 to $1,104,900. This is a rise of 2.4 per cent over the previous month.
Townhouse and other attached property prices increased 6.4 per cent between May 2014 and 2015 to $501,000 – a 1.6 per cent lift compared with April.
The benchmark price of a Greater Vancouver condo continued to rise at a more moderate rate, increasing 4.6 per cent year over year and 0.7 per cent month over month to $396,900.
The composite benchmark prices by housing type are:
|Apr 2015||Apr/Mar 15||Apr 15/14|
Home prices vary widely throughout the REBGV region. To get a good idea of home prices in a specific location, check the detailed MLS® Home Price Index in the REBGV full statistics package.
To view our useful infographic that breaks down the stats area by area, click here.
- The Real Estate Board of Greater Vancouver covers Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
- The board covers only homes being resold through the Multiple Listing Service, and does not record sales of newly built homes unless they are listed with the MLS®, so the house prices in the Home Price Index don't reflect all of the residential real estate sold in the area.