VANCOUVER EAST MAY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reinforces premonitions that this year’s record breaking activity might not be sustainable as sales activity eased last month. Revised mortgage stress tests and mortgage rates edging up could be mitigating factors heading into summer. Still, May sales are significantly above the 10 year average for that month. Sales of residential properties last month increase 187.4 percent compared to May 2020. New listings are 93.4 percent more year to year while the total inventory of listed properties is up 10.5 percent May to May. Last month the annual composite value of all properties rises 14 percent.
The graph shows a decrease of 1.9 percent from April to May in the average price for Metro Vancouver detached properties. The benchmark price for detached homes last month is 22.8 percent higher than May 2020. The volume of house sales is up 166 percent year to year.
May 2021 versus last May, east side house prices are 18.1 percent higher. Year over year Vancouver east detached sales increase by 196.9 percent. May to May inventory is up 220.2 percent.
From April to May east side house sales fall 14 percent. Month to month east side inventory declines 27.4 percent.