The members of the Real Estate Board of Greater Vancouver stated that the sale of residential property went up sharply during last month in Vancouver, showing sale of 4,364 properties. The sale went up by 22.8 per cent despite the volume of sales which decreased form the record high of May last year, down by 8.5 per cent. It was 23.7 higher than the decade average for the month, which was the third highest May to be recorded.
President of REBGV, Jill Oudil said; “Demand for condominiums and townhomes is driving today’s activity. First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.” He also said; “Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline.”
Detached homes recorded an increase of 27.1 per cent, with latest listings up by 23.2 per cent to 6,044. It has however gone down by 3.9 per cent over the years. In total, inventory had gone up by 5.7 per cent year-over-year and month-over-month by 4.5 per cent to 8,168. The MLS Price Index standard complex spiked by 8.8 per cent over the year as prices went up and month-over-month, increased to $967,500 by 2.8 per cent. Detached home reached an average of $1.56 million, with a 17.1 per cent increase since May last year for an apartment which costed $571,300.
Oudil concluded; “While sales are inching closer to the record-breaking pace of 2016, the market itself looks different. Sales last year were driven by demand for single-family homes. This year, it’s clear that townhomes and condominiums are leading the way.”