Greater Vancouver Housing Market Update for May 2019
Summary: We had a moderate increase in home sales in May but home buyer demand still remains below historical averages. Total home sales went up 44.2% compared to April 2019 but went down 6.9% from a year ago. Last month’s sales were 22.9% below the 10-year May sales average and was the lowest total for the month since 2000. Buyer's purchasing power is still reduced by mortgage stress test and high home prices.
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: Balanced market with a sales ratio of 18%.
- Detached House: Balanced market with a sales ratio of 14.2%.
- Townhouse: Balanced market with a sales ratio of 20%.
- Apartment: Balanced/Seller market with a sales ratio of 21.2%
- Total 2,638 residential sales in May 2019.
- 44.2% increase compared to Apr 2019.
- 6.9% decrease compared to May 2018.
- Total 5,861 residential new listings in May 2019.
- 2.1% increase compared to Apr 2019.
- 8.1% decrease compared to May 2018.
Total Number of Listings
- Total 14,685 residential listings on the MLS® in May 2019.
- 2.3% increase compared to Apr 2019.
- 30% increase compared to May 2018.
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 decrease 11.5% from May 2018 to $1,421,900.
- Townhouse: Benchmark price decrease 7.6% from May 2018 to $779,400.
- Apartment: Benchmark price decrease 7.3% from May 2018 to $664,200.
Average Days on Market
- Detached House: May 2019, 45 days. May 2018, 38 days. May 2017, 33 days.
- Townhouse: May 2019, 36 days. May 2018, 22 days. May 2017, 23 days.
- Apartment: May 2019, 34 days. May 2018, 17 days. May 2017, 19 days.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.