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
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.