VANCOUVER EAST MAY TOWNHOME 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 reveals an average 2.1 percent increase in price for attached units in Metro Vancouver. Last month compared to the previous May, the benchmark townhouse price is down 4.7 percent. Year to year townhouse sales volume is 16.7 percent higher.
This May compared to May 2022 Vancouver east townhouse prices are down 2.1 percent. Year to year attached unit sales are higher by 39.6 percent. Inventory is 8.9 percent better from May to May.
April to May east side attached sales dip 6.3 percent. Month to month attached inventory falls 63.9 percent.