VANCOUVER WEST 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.
Last month versus the previous May, Vancouver west detached prices increase 11.2 percent. Year to year west side house sales are 189.5 percent higher. May 2021 Inventory is up 193.1 percent compared to last May.
From April to May west side house sales fall 15.8 percent. Month to month detached inventory is 2.9 percent lower.