MARKET UPDATES:

 

Home buyer demand increases across Greater Vancouver housing market

 

 

VANCOUVER, B.C. June 3, 2014

 

An increase in home buyer demand put Greater Vancouver in the upper reaches of a balanced real estate market in May.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in

Greater Vancouver reached 3,286 on the Multiple Listing Service® (MLS®) in May 2014. This

represents a 14 per cent increase compared to the 2,882 sales recorded in May 2013, and a 7.7

per cent increase compared to the 3,050 sales in April 2014.

 

Last month’s sales were 6.5 per cent below the 10-year sales average for May of 3,514.

The sales-to-active-listings ratio currently sits at 20.4 per cent in Greater Vancouver, which is the first time that this measure has been above 20 per cent since June 2011.

 

“Our MLS® statistics tell us that there’s more home buyer demand today than at any point over

the last three years,” Ray Harris, REBGV president said. “With sales surpassing the 3,000 mark

in May and our sales-to-active-listing ratio exceeding 20 per cent, this is the most active

marketplace we’ve seen since the spring of 2011,”New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,936 in May. This represents a 5 per cent increase compared to the 5,656 new listings in May 2013 and a 0.2 per cent decline from the 5,950 new listings in April.

 

Last month’s new listing count was 2 per cent below the region’s 10-year new listing average for the month.  The total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 16,072, a 6.7 per cent decline compared to May 2013 and a 3.6 per cent increase compared to April 2014.

 

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $624,000. This represents a 4.3 per cent increase compared to May 2013.  “Home prices have experienced consistent yet modest increases in our region since the beginning of 2013,” Harris said.

 

 

Sales of detached properties in May 2014 reached 1,453, an increase of 19.9 per cent from the

1,212 detached sales recorded in May 2013, and a 23.1 per cent increase from the 1,180 units

sold in May 2012. The benchmark price for detached properties increased 5.4 per cent from May 2013 to $966,500.

 

Sales of apartment properties reached 1,286 in May 2014, an increase of 13.2 per cent compared to the 1,136 sales in May 2013, and an 11.2 per cent increase compared to the 1,156 sales in May 2012. The benchmark price of an apartment property increased 3.2 per cent from May 2013 to $377,500.

 

Attached property sales in May 2014 totaled 547, a 2.4 per cent increase compared to the 534

sales in May 2013, and a 5.8 per cent increase over the 517 attached properties sold in May

2012. The benchmark price of an attached unit increased 3.1 per cent between May 2013 and

2014 to $469,100.

 

The real estate industry is a key economic driver in British Columbia. In 2013, 28,524 homes changed ownership in the Board’s area, generating $1.84 billion in economic spin-off activity and 13,977 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totaled $22 billion in 2013.

 

The Real Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit

www.rebgv.org.