Vancouver housing market picks up steam

The Real Estate Board of Greater Vancouver (REBGV) is reporting a 14 percent increase in May residential property sales over last year’s number.

The report states that residential property sales in Greater Vancouver reached 3,286 – based on statistics from the Multiple Listing Service (MLS) – which is 14 percent higher than the 2,882 sales recorded in May 2013. Despite the increase over the last year, last month’s sales were still 6.5 percent below the 10-year sales average for May of 3,514.

According to the REBGV, the sales-to-active-listings ratio currently sits at 20.4 percent, marking the first time it’s been above 20 percent since June 2011.

“Our MLS statistics tell us that there’s more home buyer demand today than at any point over the last three years,” said Ray Harris, REBGV president. “With sales surpassing the 3,000 mark in May and our sales-to-active-listing ratio exceeding 20 percent, this is the most active marketplace we’ve seen since the spring of 2011.”

New listings for apartment properties also saw a minor increase, rising 5 percent from last May, though it too was below the region’s 10-year average.

As sales rise, so do prices. The MLS Home Price Index has the composite benchmark price for all residential properties in Metro Vancouver listed at $624,000 currently – a 4.3 percent increase compared to May 2013.

“Home prices have experienced consistent yet modest increases in our region since the beginning of 2013,” Harris said.

The benchmark price for detached properties increased 5.4 per cent from May 2013 to $966,500, while the prices for apartment properties and attached units also rose to $377,500 and $469,100, respectively.

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