There was a slight rise in home sales in Metro Vancouver last month.
May 2019 figures from the Real Estate Board of Greater Vancouver show 2,638 sales were recorded through the MLS, the first time more than 2,000 sales have been recorded this year and a 44.2% jump from April’s total.
But sales were still 6.9% below those of May 2018, 22.9% below the 10-year May sales average, and the lowest sales in the month of May since 2000.
Apartments recorded the largest year-over-year decrease (12.9%) while single-family sales were down 1.4% and attached eased by 0.6%.
“High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today,” Ashley Smith, REBGV president said.
Meanwhile, inventory continues to build with 14,685 homes listed for sale on the MLS, 30% higher than in May 2018.
New listings have eased though with 5,861 detached, attached and apartment properties added in May, a decrease of 8.1% year-over-year and up 2.1% from April.
For all property types, the sales-to-active listings ratio for May 2019 is 18%.
The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,006,400.
That’s down 8.9% year-over-year and down 3.4% over the past six months. It is also 0.4% lower than April 2019.