In 2015, an astounding 42,326 homes changed ownership in the Greater Vancouver area, totalling $39 billion in residential sales and generated an estimated 19,000 jobs as well as $2.7 billion in economic spin-off activity. The Real Estate Board of Greater Vancouver’s Dan Morrison attributes sales to our strong economy. “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 May numbers are more proof that there’s no sign of the market slowing. 4,769 residential property sales were listed on MLS®, a 17.6% increase from May 2015 and only a marginal 0.3% decline from April this year. Buyer demand continues to outpace active listings, though sellers are increasing their activity to the point where sales were 35.3% above the 10-year sales average for the month — the highest sales on record for May.
New Listings (detached, attached, and apartment): 6,289
11.5% increase from May 2015
2.6% decrease from April 2016
Total Active listings on MLS®: 7,726
37.3% decline from May 2015
2.3% increase from April 2016
Sales-to-Active-Listings ratio: 61.7%
Benchmark price for all residential properties: $889,100
29.7% increase from May 2015
Benchmark price for a detached property is $1,513,800
36.9% increase from May 2015
Detached property sales totaled 1,865
8.2% increase from May 2015
Benchmark price for an apartment property is $485,000
22.3% increase from May 2015
Apartment property sales totaled 2,150
34.4% increase from May 2015
Benchmark price for an attached unit is $632,400
24.9% increase from May 2015
Attached property sales totaled 754
2.9% increase from May 2015
*REBGV Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.