May sees modest increase in home sales while housing supply reaches five-year high
Monthly Metro Vancouver1 home sales eclipsed 2,000 for the first time this year in May, although home buyer demand remains below historical averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,638 in May 2019, a 6.9 per cent decrease from the 2,833 sales recorded in May 2018, and a 44.2 per cent increase from the 1,829 homes sold in April 2019.
Last month’s sales were 22.9 per cent below the 10-year May sales average and was the lowest total for the month since 2000.
“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.
There were 5,861 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service®...
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