Karen Tsao | 604-422-0855

Greater Vancouver Housing Market for May 2017

Greater Vancouver Housing Market Update for May 2017

Summary: Home buyer activity returned to near record levels across Greater Vancouver housing market last month.  Last month’s sales were 23.7% above the 10-year May sales average and is the third-highest selling May on record.  Demand for apartments and townhouses is still driving today’s housing market activity.  Home buyers are beginning to have more selection to choose from in the detached house market.  

Housing Market Condition: Housing market condition and pricing can vary depending on area and property type so please consult me for your area of interest. Generally analysts say that a buyer’s market condition occurs when the sales ratio is 12% or less.  Balanced market occurs when the ratio is between 13% and 20%. Seller’s market occurs when the ratio is 21% or more.  
  • All Properties: Seller's market with a sales ratio of 53.4%.
  • Detached House: Seller's market with a sales ratio of 31%.
  • Townhouse:  Seller's market with a sales ratio of 76.1%.
  • Apartment:  Seller's market with a sales ratio of 94.6%
Residential Sales
  • Total 4,364 residential sales in May 2017. 
  • 22.8% increase compared to Apr 2017. 
  • 8.5% decrease compared to May 2016.
New Listings
  • Total 6,044 residential new listings in May 2017.
  • 23.2% increase compared to Apr 2017.
  • 3.9% decrease compared to May 2016.
Total Number of Listings
  • 8,168 Total residential listings on the MLS® in May 2017.
  • 4.5% increase compared to Apr 2017.
  • 5.7% increase compared to May 2016.
Home Benchmark Price:  Home benchmark price represents estimated sale price of a benchmark property.  Benchmark property represents a typical property within each market. 
  • Detached House: Benchmark price Increase 3.1% from May 2016 to $1,561,000.
  • Townhouse: Benchmark price increase 13.1% from May 2016 to $715,400.
  • Apartment: Benchmark price increase 17.8% from May 2016 to $571,300.
Average Days on Market
  • Detached House: May 2017, 33 days. May 2016, 26 days. May 2015, 38 days.
  • Townhouse:  May 2017, 23 days. May 2016, 18 days. May 2015, 34 days.
  • Apartment: May 2017, 19 days. May 2016, 26 days.  May 2015, 42 days.
Download the complete stats package here.
Karen Tsao
RE/MAX Crest Westside (vanw7)
1428 West 7th Avenue
Vancouver, BC
V6H 1C1 CA