VANCOUVER EAST MAY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release points to the large incremental interest rate increases recently as the defining factor to quell a frenzy of multiple offers that we have experienced for the past two years. Last months sales actually fell below the 10 year average for May, bringing it in line with seasonal expectations. However supply would likely need to double in order for us to return to a balanced market. Inventory of new listings last month is 10.5 percent lower than May a year ago and total inventory of listed properties falls 8.8 percent year to year. Annual sales of all residential properties in Metro Vancouver decrease 31.6 percent last month. The composite value of all properties is 14.7 percent higher May to May.
The graph shows a downturn of 2.3 percent from April to May in the average price for detached properties. The benchmark price for houses in May 2022 is 15 percent higher than last May. Year to year the volume of detached home sales is down by 21.7 percent.
This May versus May 2021, east side house prices are 14.1 percent higher. Year over year Vancouver east detached sales fall 50.5 percent. From May to May east side inventory drops 27.5 percent.
From April to May east side house sales are down by 14.5 percent. Month to month east side inventory is 1.6 percent higher