VANCOUVER EAST MAY TOWNHOME MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release targets high prices and Federal Government mortgage stress tests as insurmountable hurdles that are causing the volume of Metro Vancouver Buyers to dwindle. This has resulted in the lowest total home sales average in the area for the month of May since the year 2000. In all last month, residential sales drop 6.9 percent compared to May 2018. Year to year the total inventory of listed properties is up 30 percent even with a decline in new listings of 8.1 percent in that same time period. May to May the composite value of all Metro Vancouver properties is down 8.9 percent.
The graph illustrates a downturn from April to May of 2.2 percent for the average attached unit price in Metro Vancouver. Last month compared to the previous May the benchmark townhouse price declines 7.6 percent. Year to year however the volume of townhome sales is actually up, albeit by a slight 0.6 percent.
Last month compared to May 2018 Vancouver east townhouse prices are 7.7 percent lower. Year to year attached unit sales see a welcome increase of 30.4 percent. This May inventory is 4 percent higher than the previous May.
April to May east side attached sales march way up with a 76.5 percent increase. Month to month attached inventory is 13.2 percent more.