Friday, June 2, 2017
Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 % from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 % compared to April 2017.
Last month’s sales were 23.7 % above the 10-year May sales average and is the third highest selling May on record.
"Demand for condominiums and townhomes is driving today’s activity," Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,044 in May 2017. This represents a 3.9 % decrease compared to the 6,289 units listed in May 2016 and a 23.2 % increase compared to April 2017.
The month-over-month increase in new listings was led by detached homes at 27.1% followed by apartments at 22.7 % and townhomes at 14.1 %.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,168, a 5.7 % increase compared to May 2016 and a 4.5 % increase compared to April 2017.