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
Mandisa, Grammy award-winning 'American Idol' alum, dead at 47
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
Senators reject field trip to African Lion Safari amid elephant bill study
The Senate legal affairs committee has rejected a motion calling for members to take a $50,000 field trip to the African Lion Safari in southern Ontario to see the zoo's elephant exhibit.
CFIA monitoring for avian flu in Canadian dairy cattle after U.S. discoveries
The Canadian Food Inspection Agency is encouraging veterinarians to keep an eye out for signs of avian influenza in dairy cattle following recent discoveries of cases of the disease in U.S. cow herds.
She set out to find a husband in a year. Then she matched with a guy on a dating app on the other side of the world
Scottish comedian Samantha Hannah was working on a comedy show about finding a husband when Toby Hunter came into her life. What happened next surprised them both.
DEVELOPING G7 warns of new sanctions against Iran as world reacts to apparent Israeli drone attack
Group of Seven foreign ministers warned of new sanctions against Iran on Friday for its drone and missile attack on Israel, and urged both sides to avoid an escalation of the conflict.
'It could be catastrophic': Woman says natural supplement contained hidden painkiller drug
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
After hearing thousands of last words, this hospital chaplain has advice for the living
Hospital chaplain J.S. Park opens up about death, grief and hearing thousands of last words, and shares his advice for the living.
Vancouver firefighter in rehab at home after losing leg to flesh-eating infection overseas
A family trip took a frightening turn for Christopher Won when he was diagnosed with flesh-eating disease while in Hong Kong and now, after weeks of treatment overseas, the Vancouver firefighter is back home recovering.
WATCH Video shows dramatic police takedown of carjacking suspects chased through parking lot north of Toronto
Police have released video footage of a dramatic takedown of a group of teens wanted in connection with an attempted carjacking in Markham earlier this month.