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
'Terrifying': Manitoba resident speaks on wildfire and evacuation
As a pair of wildfires burn near Flin Flon and The Pas, a number of Manitobans are being told to evacuate their homes.
Steve Buscemi punched in the face while walking in N.Y.C.
Hollywood actor Steve Buscemi has been treated for injuries after being punched in the face while walking in New York City.
Canucks' Zadorov fined $5,000 for post-game crosscheck on Oilers' McDavid
A Vancouver Canucks defenceman has been given the highest possible fine under the NHL's collective bargaining agreement after a scrum broke out at the end of Game 3 against the Edmonton Oilers Sunday night.
DEVELOPING Michael Cohen takes the stand as testimony in Trump hush money case enters 4th week
The star prosecution witness in Donald Trump's hush money trial is set to take the stand Monday with testimony that could help shape the outcome of the first criminal case against an American president.
Air quality advisories issued in 5 provinces, 1 territory
Air quality advisories are in effect across Western Canada as smoky conditions plague some areas, according to the latest forecasts. Here's where.
Jerry Seinfeld speech prompts pro-Palestinian demonstration at U.S. university graduation ceremony
A tiny contingent of Duke University graduates opposed pro-Israel comedian Jerry Seinfeld speaking at their commencement in North Carolina Sunday, with about 30 of the 7,000 students leaving their seats and chanting "free Palestine" amid a mix of boos and cheers.
Just how bad are ultraprocessed foods? Here are 5 things to know
Many foods fall under the category of ultraprocessed foods, depending on their exact ingredients. This type of food has been studied a lot lately, and the results aren’t great.
No refund for travellers who cancelled flight already scrapped by airline: regulator
Four years on, the controversy over whether airlines owed refunds to passengers after cancelling hundreds of thousands of flights during the pandemic continues to simmer, aggravated by a sluggish, opaque complaints process.
opinion Harry and Meghan's Nigerian adventure: Traditional attire to warm welcomes
For her latest column on CTVNews.ca, royal commentator Afua Hagan writes about Prince Harry and Meghan Markle's recent visit to Nigeria, calling it a 'deeply meaningful campaign' that was about aligning their ongoing efforts to foster mental-health awareness and promoting the Invictus Games.