VANCOUVER WEST 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.
Vancouver west townhouse prices are down 4.1 percent from May to May. Attached unit sales get a 1.5 percent lift year to year. This May versus May 2022, inventory is 10.2 percent lower.
From April to May west side attached sales escalate, up 106.1 percent. Month to month, Vancouver west attached inventory increases 10.6 percent.