Hottest May on record for Metro Vancouver home sales: REBGV

The real estate market across Metro Vancouver continues to break records, and the number of homes sold last month reached the highest level ever seen in the month of May, according to new Real Estate Board of Greater Vancouver (REBGV) data.

A total of 4,769 homes changed hands in May, which is a 17.6 per cent jump compared with the 4,056 homes sold in May 2015 and 35.3 per cent above the 10-year average. It is down 0.3 per cent compared with April, however, when 4,781 homes were sold. The benchmark sales price reached $889,100, up 29.7 per cent compared with a year ago.

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“Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today,” said REBGV president Dan Morrison. “Economic and job growth in Metro Vancouver is outperforming most regions in the country. This is helping to underpin today’s activity.”

For detached properties alone, the benchmark price increased 36.9 per cent year-over-year, reaching $1,513,800. West Vancouver had the highest benchmark sales price in the region at $3,442,100, which is an increase of 34.7 per cent over the past year. A total of 1,865 homes of this type were sold across Greater Vancouver in the month, which was up 8.2 per cent compared with 12 months ago.

For apartments, the benchmark price grew 22.3 per cent over the year, reaching $485,000. The number of units sold grew 34.4 per cent to 2,150.

The benchmark price for townhouses increased 24.9 per cent over the year, reaching $632,400. Sales of homes of this type increased 2.9 per cent to 754 units.

REBGV data includes sales in Vancouver, North Vancouver, West Vancouver, Burnaby, Coquitlam, New Westminster, Richmond, Port Moody, Port Coquitlam, Pitt Meadows, Maple Ridge, South Delta, Whistler, Squamish and the Sunshine Coast.

It does not include Surrey or Langley.

ecrawford@biv.com

@EmmaHampelBIV

 For more business news, go to biv.com

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