VANCOUVER WEST 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.
Last month versus May 2023, Vancouver west detached prices are up 6.1 percent. West side house sales are 11 percent lower year to year. May 2024 versus the previous May, inventory edges up 1.7 percent.
From April to May west side house sales rise 7.8 percent. Month to month detached inventory increases 7.6 percent.