While it has been an ongoing trend that demand has been outpacing supply, residential sales have not been slowing down. In the latest market stats released mid-June by the British Columbia Real Estate Association (BCREA), there continues to be a month-over-month surge in residential sales. There has been a 26% increase in sales from April 2017 to May 2017 with a total of 12,402 residential home transactions. If it weren't for the low supply, 20-year low as a matter of fact, sales figures may even be higher than actual figures. This amount is 8% lower than May 2016 when the market was hot.

As you can see below, as a result of 9 of 11 real estate boards in BC having a home sales to active listings ratio above 20%, this has resulted in a seller's market. The BCREA states that anything greater than 20% for a sustained period is a seller's market. The Greater Vancouver region, the Fraser Valley, Chilliwack and Victoria all have seen ratios of over 50%.

Source: British Columbia Real Estate Association

In May 2017, MLS® recorded a total of 12,402 residential unit sales and an average MLS® residential price in BC of $752,536 which is a 7.9% decrease and 4.2% increase, respectively, from the same period last year. Total sales dollar volume amounted to $9.33 Billion which is a 4% decrease from May 2016. 

For a detailed look at residential statistics for May 2017, read our previous blog here. For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca.

Following suit with previous months, housing demand is still continuing to outpace supply. In May 2017, MLS® recorded a total of 12,402 residential unit sales and an average MLS® residential price in BC of $752,536 which is a 7.9% decrease and 4.2% increase, respectively, from the same period last year. Total sales dollar volume amounted to $9.33 Billion which is a 4% decrease from May 2016. 

“Market conditions have tightened considerably this spring as an upturn in consumer demand has not been accompanied by a rise in homes listed for sale,” said Cameron Muir, BCREA Chief Economist. “The supply of homes for sale in the province has fallen 50 per cent over the past five years.

There is a shortage of housing supply in the entire southern portion which consequently results in upward pressure on home prices. Total active listings has decreased by 11.1% in comparison to May 2016 and totals 28,404 units. The ratio of home sales to active listings was over 20% in 9 of the province's 11 real estate boards and over 50% in Vancouver, the Fraser Valley, Chilliwack and Victoria.

Below you will find a comparative chart showing May 2017 and May 2016 figures for average residential price, active listings, sales-to-active listings, dollar volume and residential units sold in BC. (Click to enlarge photo).

For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca.

We're not just selling a home, we're selling the community. With a walk score of 86, it's no doubt that our newest listing at 808-2220 Kingsway Street is in a prime location. Take a look at our community profile to see what's in the area! Contact Amalia Liapis at 604-618-7000 or at amalia@wesellvancouver.ca for more details. Additional information can be found here. 

FOR SALE -- Corner two-bedroom and den unit at Kensington Gardens by Westbank for $660,000. This space includes a spacious balcony, Miele/Blomberg appliances, Corian countertops, wide-plank hardwood floors, Grohe fixtures and expansive windows with North/West views. This development features five star amenities which include an elevated courtyard with BBQ area and outdoor fireplaces, lounge, swimming pool, fitness centre, sauna/steam and hot tub!

More Details - Kensington Gardens Unit For Sale

We're not just selling a home, we're selling the community. With a walk score of 96, it's no doubt that our newest listing at 503-610 Victoria Street is in a prime location. Take a look at our community profile to see what's in the area! Contact Amalia Liapis at 604-618-7000 or at amalia@wesellvancouver.ca for more details. Additional information can be found here. 

Beautiful city and water views from this spacious 630SF one bed and one bath unit in the heart of Downtown New Westminster. This property is in a prime location just steps away from transit hubs, restaurants, shopping, gyms and more! Asking Price: $330,000.00. More details here.

Contact Amalia Liapis at 604-618-7000 or at amalia@wesellvancouver.ca for additional information on this property!

NOW is the time to invest in the revitalization of Historic Chinatown. We've got four brand new glass and concrete units available at amazing prices. These raw shell spaces come with both a main floor and mezzanine and are well suited for business owners and investors alike. These units enable operators to build to best suit their business. This new development is ideally located just west of Main Street in the Hastings Crossing District, a unique area defined by its historic character and ethnic diversity. It is located in a central area that is in walking distance to Gastown, Strathcona, Crosstown, Railtown, Downtown and the Waterfront.

Contact either Amalia Liapis at 604.618.7000 or Kane Ryan at 778.223.5961 today for more details!

We put together a community profile for your future home located at 720 Como Lake Avenue. This exquisite custom-built home is listed at $1,325,000. Come say hello at our open house this Sunday June 5th between 2-4pm! 

More Details: http://www.wesellvancouver.ca/mylistings.html/details-57627263 

Come join us this Sunday, June 5th between 2-4pm for our open house at 720 Como Lake Avenue. Listed at $1,325,000 for 4,200 SF of luxurious living. We look forward to seeing you!

More details here: http://www.wesellvancouver.ca/mylistings.html/details-57627263

Want to be a part of the gentrification within Vancouver's evolving Chinatown? We only have 4 more brand new concrete and glass units available for sale. Contact us today for more details!

Come join us TOMORROW for an open house at 4561 Sardis Street - we can't wait to meet with you. For additional information on this property, contact us at info@wesellvancouver.ca or alternatively at 604-716-6155.

For additional information on this property, contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively at 604-618-7000.