VANCOUVER EAST MAY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release cautions that slower price growth is to be expected over the coming months. Borrowing costs, economic worries and government intervention are affecting Buyer and Seller behaviour as inventory grows but transactions decline. Residential sales are 19.6 percent lower May to May. Last month recorded 12.6 percent more new listings than May 2023. Total inventory is up 46.3 percent this May compared to last May. The composite value of all properties is up 2.3 percent year to year.
The graph illustrates a 2 percent increase from April to May for the average price of Metro Vancouver detached properties. The benchmark price for houses in May 2024 is 5.9 percent more than the previous May. Year to year the volume of detached home sales drops 18.9 percent.
May 2024 versus the previous May, east side house prices are 3.4 percent higher. Year over year Vancouver east detached sales decline 16.8 percent. May to May east side inventory is up 1.3 percent.
From April to May east side house sales fall 11.1 percent. Month to month east side inventory decreases 22.1 percent.