(Sardaka/Wikimedia Commons)

Metro Vancouver home sales fall 35% in May

Real Estate Board of Greater Vancouver says single homes nudge mark where prices can fall

Home sales across Metro Vancouver tumbled last month, when compared with May 2017, and the Real Estate Board of Greater Vancouver says that raises the potential of lower prices for some types of homes.

The board says 2,833 properties sold in its region in May, a 35.1 per cent plunge from sales recorded in the same time last year, although May’s sales were up nearly 10 per cent over transactions in April.

A news release from the real estate board says sales in May were 19.3 per cent below the 10-year average for the month.

Board president Phil Moore says low sales and a nearly 10 per cent jump in the number of newly listed properties between April and May has pushed selection to its highest level in two years.

Moore says supply is still below the 10-year average but when the total number of single detached home sales is divided by total listings for that type of property, the ratio is 14.7, nearing the indicator where downward pressure on prices can occur.

The sales-to-active listings ratios for townhomes and condominiums are higher, at 30.8 per cent for townhomes and 41.7 per cent for condominiums, well above the 20 per cent mark that the board says can trigger upward pressure on prices.

READ MORE: Canadian home sales plunge 22.7% in March

“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,” Moore says in the release.

The composite benchmark price for all residential properties in Metro Vancouver is $1,094,000, an 11.5 per cent increase over May 2017.

Sales of detached properties across Metro Vancouver fell 40.2 per cent in May, compared with May 2017, while the benchmark price was set at $1,608,000, a 2.4 per cent increase year-over-year.

Sales of condominiums and townhomes also dropped last month when compared with the year before, down 29.3 per cent for condos and 39.8 per cent for townhomes.

The benchmark price for condos was up 20 per cent to $701,700 and townhomes jumped 16 per cent to $859,500 over the same period, but the board says price increases for both types of properties have remained under one per cent since April.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

18-year-old to hospital after shots fired in White Rock

Police investigating early-morning incident

White Rock RCMP unaffected by Surrey’s choice of police force, city says

Mayor Darryl Walker to meet with RCMP Staff Sgt. Daryl Creighton

Surrey firefighters tackle blaze at Guildford home

Firefighters have yet to determine what caused the vacant house fire

PHOTOS: White Rock Remembrance Day ceremony

Residents gather to pay respect Canada’s fallen soldiers

VIDEO: Marvel Comics’ Stan Lee dies

Marvel co-creator was well-known for making cameo appearances in superhero movies

Nunavut urges new plan to deal with too many polar bears

Territory recommends a proposal that contradicts much of conventional scientific thinking

Shelter struggles: Landlord takes over rental unit whenever visiting B.C. town

Renter’s story highlights how hard it is to find accommodation in Revelstoke

‘Weird Al’ brings Strings Attached tour to Lower Mainland next summer

Legendary musical satirist performs with full symphony orchestra

Lack of public response threatens B.C. referendum credibility

Of the few who have voted, poll finds most rejected proportional representation

Tentative deal reached in NHL concussion lawsuit

More than 100 former players accused the league of failing to better prevent head trauma

Grim search for more fire victims; 31 dead across California

More than 8,000 firefighters battled wildfires that scorched at least 1,040 square kilometres

Politicians need to do better on social media, Trudeau says

Prime minister suggests at conference in Paris some are trying to use technology to polarize voters

Wally Buono exits CFL, stinging from painful playoff loss

B.C. Lions lost the Eastern semifinal to the Hamilton Tiger-Cats on Sunday, 48-8

Most Read