VANCOUVER WEST 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.
Last month versus May 2022, Vancouver west detached prices are down 5.2 percent. West side house sales increase 29.8 percent year to year. This May, inventory is 5.9 percent below the previous May.
From April to May west side house sales are up 14.7 percent. Month to month detached inventory falls 50.6 percent.