Home sales in Metro Vancouver saw a slight drop in May but continued to beat historical results as the region's housing markets remains hot.
The Real Estate Board of Greater Vancouver reported residential property sales of 4,056 in May - a 23.4 per cent increase from the same time last year - and the third consecutive month of sales over 4,000.
Average home prices jumped to $684,400 from $673,000 in April 2015 and $624,000 in May 2014. Buying a detached home will cost you just over $1.1 million on average.
“It’s important to remember that real estate is hyper local, particularly in a seller’s market. This means that conditions and prices vary depending on property type, neighbourhood, and other factors," said Darcy McLeod, the president of the board, in a statement.
However, listings for attached, detached and apartment properties saw a five per cent drop.
