Metro Vancouver real estate market showing signs of life after slow start to the year
After a slow start to the year, Metro Vancouver’s real estate market is showing signs of life, according to the latest numbers from the Real Estate Board of Greater Vancouver (REBGV).
The board reports that there were 3,411 home sales in May, a 15.7 per cent increase from May 2022 (2,947), and 1.4 per cent below the 10-year seasonal average (3,458).
“This is the first month where we’ve seen a lot of activity in terms of sales,” Andrew Lis, REBGV’s director of economics and data analytics told CTV News.
Lis says the Bank of Canada raising interest rates had hampered the market for months, but people may be realizing they might not be lowered any time soon.
“I think a lot of buyers and sellers are starting to get accustomed to the rate environment, they’ve seen that the rates aren’t going to move around all that much,” he said.
“That’s brought a lot more people into the marketplace,” he continued.
The rise in sales led to prices increasing for the sixth straight month.
According to REGBV, the average price for all residential properties in the region is $1,188,000, which is a 5.6 per cent drop off from May of last year, but a 1.3 per cent increase from last month.
While sales are on the rise, Lis says a lack of inventory continues to be a serious issue, a main driver of prices going up.
“When you have a surge in demand like we’ve just had, and you butt that up against a low inventory scenario--there’s really only one way for prices and that’s up,” Lis said.
There’s currently 9,293 homes listed for sale in Metro Vancouver, a 10.5 per cent drop off from May of 2022.
As for as apartments, there’s currently 5,661, an 11.5 per cent decline from last May.
Lis says overall, the 10-year seasonal averages show the market appears to be inching closer back to a more normal state.
“It’s interesting to see that across all the product types, in almost every area of Greater Vancouver,” he said. “It’s a fascinating market to watch right now.”
CTVNews.ca Top Stories
A 'tragedy that can't be measured': North Bay's forever chemical problem is also the rest of Canada's
For decades, North Bay, Ontario's water supply has harboured chemicals associated with liver and developmental issues, cancer and complications with pregnancy. It's far from the only city with that problem.
opinion How to use your credit card as a powerful wealth-building tool
Irresponsibly using a credit card can land you in financial trouble, but personal finance columnist Christopher Liew says when used properly, it can be a powerful wealth-building tool that can help grow your credit profile and create new opportunities.
WATCH Dashcam video shows terrifying near-miss on two-lane northern Ontario highway
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
Here's what 'the hinge' move is, how to do it correctly
When you're picking something up from the floor or bending over to tie your shoe laces, you're performing "the hinge move," according to movement trainers.
Tips to make a house or apartment safe and accessible for older adults living at home
Here's a summary of tips from the U.S. National Institute on Aging and AARP, which offers a free room-by-room guide with practical suggestions for older adults living independently.
Average hourly wage in Canada now $34.95: StatCan
Average hourly wages among Canadian employees rose to $34.95 on a year-over-year basis in April, a 4.7 per cent increase, according to a Statistics Canada report released Friday morning.
'I may have some nightmares:' Man survives being bitten by 2 sharks in Bahamas
A man who was bitten by two sharks in the Bahamas said Thursday he's 'thankful that I'm here' while sharing his story of survival.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.