Metro Vancouver home sales soar 23 per cent in May, prices climb 9 per cent

Vancouver housing Photo: GoToVan/Flickr

Some 4,056 homes changed hands across Greater Vancouver’s Multiple Listing Service (MLS) in May, a 23.4 per cent increase compared to the 3,286 sales recorded in May 2014. According to the area real estate board, last month’s sales were 16.7 per cent above the 10-year average for the month.

Breaking it down by property type, detached home sales were up 18.6 per cent year-over-year, condo sales climbed 24.4 per cent and townhome sales jumped 34 per cent.

Prices

The benchmark home price across the region for all property types ended the month at $684,400, representing a year-over-year increase of 9.4 per cent. The benchmark price for a detached property in Metro Vancouver increased 14.1 per cent from May 2014 to $1,104,900, condo prices rose 4.6 per cent to $396,900 and townhome values went up by 6.4 per cent to $501,000.

Listings

The total number of properties currently listed for sale on the region’s MLS is 12,336, a 23.2 per cent decline compared to May 2014 and a 0.8 per cent decline compared to April 2015.

“While the supply of homes for sale remains below what’s typical for this time of year, our region continues to offer a diverse selection of housing options at different price points,” REBGV president Darcy McLeod said in a release. “This diversity within the housing stock is part of what’s driving today’s home sale activity.”

But as always, sales and prices differ a great deal depending on the neighbourhood and property type. To demonstrate that diversity, a look at some of the…

Regional highlights from the report

  • The benchmark price of a single-family home on the West Side of Vancouver proper hit $2,554,900 in May, up 14.4% from a year earlier
  • The typical price of a detached home on Vancouver’s East Side ended the month at $1,070,400, representing an 18.4% year-over-year increase
  • For the condo segment, Whistler posted the biggest price gain, with the benchmark price rising 35.6% year-over-year to $274,200
  • The benchmark price of a townhome in Pitt Meadows climbed 9.6% year-over-year to end the month at $359,600
  • Across the region, not one market posted a year-over-year price decline in any of the three property segments

For more, the complete REBGV statistics package can be seen here.

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