VANCOUVER EAST MAY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release has the pundits surprised at elevated values as some areas have increased as much as three times the amount predicted for 2023. Rising mortgage rates have not dampened Buyer enthusiasm and reluctance among Sellers means not enough resale homes to meet demand. Newly listed properties last month are 11.5 percent below May of 2022. Total inventory of listed properties is down 10.5 percent year to year. Sales of all residential properties in Metro Vancouver this May rise 16.5 percent compared to last May. The composite value of all properties is 5.6 percent lower May to May.
From April to May the graph shows the average Metro Vancouver price for detached properties recedes 1.9 percent. The benchmark price for houses in May 2023 is 6.7 percent less than the previous May. Year to year the volume of detached home sales rises 30.7 percent.
This May versus the previous May, east side house prices are 6.4 percent lower. Year over year Vancouver east detached sales jump up 33 percent. From May to May east side inventory is 7.9 percent lower.
From April to May east side house sales balloon 66.7 percent. Going month to month, east side inventory rises 40.4 percent.