The month of May has shown that home buyer demands are declining across Vancouver, according to REBGV.
- There has been a 35.1 per cent decrease from the 4,364 sales recorded in May 2017, and a 9.8 per cent increase compared to April 2018 when 2,579 homes sold.
- For all property types, the sales-to-active listings ratio (number of actual sales) for May 2018 is 25.1 per cent. By property type, the ratio is 14.7 per cent for detached homes, 30.8 per cent for townhomes, and 41.7 per cent for condominiums.
- The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,094,000. This is an 11.5 per cent increase over May 2017 and a 0.2 per cent increase compared to April 2018.
President Moore of REBGV said: “For home sellers to be successful in today’s market, it’s important to price your property competitively given the shifting dynamics we’re experiencing. It’s also important to work with your local Realtor to better understand these changing conditions.”