The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,685, a 30% increase compared to May 2018 and a 2.3% increase compared to April 2019. This is the highest number of homes listed for sale since September 2014.
“Whether you’re a buyer looking to make an offer or a seller looking to list your home, getting your pricing right is the key in today’s market,” Smith said. “To be competitive, it’s important to work with your local REALTOR® to assess and understand the latest trends in your neighbourhood and property type of choice.”
For all property types, the sales-to-active listings ratio for May 2019 is 18 per cent. By property type, the ratio is 14.2% for detached homes, 20% for townhomes, and 21.2% for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
*The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,006,400. This represents an 8.9% decrease over May 2018, a 3.4% decrease over the past six months, and a 0.4% decrease compared to April 2019.