VANCOUVER EAST MAY TOWNHOME 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.
From April to May the graph shows a 1.1 percent rise in value for the average attached unit in Metro Vancouver. Last month compared to the previous May the benchmark townhouse price is up 21.5 percent. Year to year the volume of townhome sales is down 35 percent.
This May compared to May 2021 Vancouver east townhouse prices rise 15.6 percent. Year to year attached unit sales are 10.2 percent lower. Inventory is up 15 percent from May to May.
April to May east side attached sales decline 18.5 percent. Month to month attached inventory increases 4.3 percent.