(Sardaka/Wikimedia Commons)

Metro Vancouver home sales fall 35% in May

Real Estate Board of Greater Vancouver says single homes nudge mark where prices can fall

Home sales across Metro Vancouver tumbled last month, when compared with May 2017, and the Real Estate Board of Greater Vancouver says that raises the potential of lower prices for some types of homes.

The board says 2,833 properties sold in its region in May, a 35.1 per cent plunge from sales recorded in the same time last year, although May’s sales were up nearly 10 per cent over transactions in April.

A news release from the real estate board says sales in May were 19.3 per cent below the 10-year average for the month.

Board president Phil Moore says low sales and a nearly 10 per cent jump in the number of newly listed properties between April and May has pushed selection to its highest level in two years.

Moore says supply is still below the 10-year average but when the total number of single detached home sales is divided by total listings for that type of property, the ratio is 14.7, nearing the indicator where downward pressure on prices can occur.

The sales-to-active listings ratios for townhomes and condominiums are higher, at 30.8 per cent for townhomes and 41.7 per cent for condominiums, well above the 20 per cent mark that the board says can trigger upward pressure on prices.

READ MORE: Canadian home sales plunge 22.7% in March

“For home sellers to be successful in today’s market, it’s important to price your property competitively given the shifting dynamics we’re experiencing,” Moore says in the release.

The composite benchmark price for all residential properties in Metro Vancouver is $1,094,000, an 11.5 per cent increase over May 2017.

Sales of detached properties across Metro Vancouver fell 40.2 per cent in May, compared with May 2017, while the benchmark price was set at $1,608,000, a 2.4 per cent increase year-over-year.

Sales of condominiums and townhomes also dropped last month when compared with the year before, down 29.3 per cent for condos and 39.8 per cent for townhomes.

The benchmark price for condos was up 20 per cent to $701,700 and townhomes jumped 16 per cent to $859,500 over the same period, but the board says price increases for both types of properties have remained under one per cent since April.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

‘Planet of the Geese’: Vernon parks a muck with goose poop

Off leash dogs proposed as a suggestion to cleaning up the mess

Vernon politicians not all happy about possible OD prevention site

Possible Overdose Prevention Site to open in the summer of fall of 2019

Vernon Vipers edge out Trail Smoke Eaters

Trail’s season came to an end as the Vernon Vipers won Game 7 5-2

Vernon overdose prevention site planning update: Interior Health

The service is expected to begin in summer 2019, however the actual implementation date and location for the services will be determined through the procurement process.

SPCA seizes 54 animals from Vernon property

Animals weren’t receiving adequate care

The good, bad and the unknown of Apple’s new services

The announcements lacked some key details, such as pricing of the TV service

Harbour Air to convert to all-electric seaplanes

Seaplane company to modify fleet with a 750-horsepower electric motor

Protecting natural habitat: Okanagan provincial park expands its borders

19 hectares of protected land has been added to Myra-Bellevue Provincial Park in Kelowna

VIDEO: Teenage girl was person killed in three-vehicle crash in Coquitlam

Police are investigating the fatal crash at Mariner Way and Riverview Crescent

Sailings cancelled after BC Ferries boat hits Langdale terminal

The Queen of Surrey is stuck on the dock, causing delays to Horseshoe Bay trips

Island author brings inspiration to Okanagan

Caetani Cultural Centre hosts writer in residence

Okanagan Fest of Ale promises to be bigger and better

A record breaking 75 breweries are now confirmed to participate at the annual event in Penticton

Eviction halted for B.C. woman deemed ‘too young’ for seniors’ home

Zoe Nagler, 46, had been given notice after living in the seniors complex in Comox for six years

UBC Okanagan develops new heart valve to help high-risk patients

The first ever nanocomposite biomaterial heart-valve can be inserted through a small incision

Most Read