May Market Update 2015

(June 09, 2015 )

Metro Vancouver Home Sales Surpass 4,000 For The Third Consecutive Month


It continues to be a competitive spring market for Metro Vancouver Home buyers; the competition continues to put upward pressure on home prices - specifically - detached homes.  It's important to know that the real estate is hyper local, particularly in a sellers market, meaning conditions, prices vary depending on property type & neighborhood.

Property sales in Metro Vancouver reached 4056 representing a 23.4% increase over last year.

The sales-to-active-listings ratio in May was 32.9% the highest ratio since 2007.  Anaylst say that upward pressure on home prices occur when the sales-to-active-listings ratio reaches 22% or more for a sustained period of time.  Downward pressure on home prices occurs when the sales-to-active-listings ratio when that number is 12% or less.

New listings including detached, town homes and condo's totaled 5641 - this is a 5% decrease compared to last year.  Supply is down and sales are up, this is what is dictating our Sellers market.

NORTH VANCOUVER

Detached Homes Benchmark $1,167,800
1 yr change+17.2%
3 yr change+18.6%
5 yr change+29.3%

Town homes Benchmark $633,400
1 yr change+5.1%
3 yr change+5.2%
5 yr change+5.9%

Apartments Benchmark $$369,800
1 yr change+4.9%
3 yr change+5.3%
5 yr change+5.5%

WEST VANCOUVER

Detached Homes Benchmark $2,291,000
1 yr change+13.7%
3 yr change+17.5%
5 yr change+48.7%

Apartments Benchmark $619,300
1 yr change+5.7%
3 yr change-4.7%
5 yr change-3.1%