VANCOUVER WEST MAY HOUSE 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 shows the average price for Metro Vancouver detached properties in May walking back from April via a 3 percent decline. The benchmark price for detached homes last month compared to May 2018 is down 11.5 percent. The volume of house sales is 1.4 percent lower year to year.
Last month versus the previous May Vancouver west detached prices decline 14.5 percent. May 2019 versus May 2018 west side house sales drift down 5.5 percent. Year to year inventory declines 17.6 percent.
April to May sales of west side houses are encouraging with an upswing of 36.5 percent. Month to month detached inventory is down by 2.7 percent.