The Metro Vancouver housing market saw steady home sale and listing activity in May, a shift back from the record-breaking activity seen in the earlier spring months. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,268 in May 2021, a 187.4% increase from the 1,485 sales recorded in May 2020, and a 13% decrease from the 4,908 homes sold in April 2021. Last month’s sales were 27.7 per cent above the 10-year May sales average.
"While home sale and listing activity remained above our long-term averages in May, conditions moved back from the record-setting pace experienced throughout Metro Vancouver in March and April of this year. With a little less intensity in the market today than we saw earlier in the spring, home sellers need to ensure they’re working with their REALTOR® to price their homes based on current market conditions."- Keith Stewart, REBGV economist.
There were 7,125 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2021. This represents a 93.4% increase compared to the 3,684 homes listed in May 2020 and a 10.2% decrease compared to April 2021 when 7,938 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,970, a 10.5% increase compared to May 2020 (9,927) and a 7.1% increase compared to April 2021 (10,245).
"With sales easing down from record peaks, a revised mortgage stress test that reduces the maximum borrowing amounts by approximately 4.5 per cent, and the average five-year fixed mortgage rates climbing back over two per cent since the beginning of 2021, we’ll pay close attention to these factors leading into the summer to understand what affect they’ll have on the current market cycle,” Stewart said.
For all property types, the sales-to-active listings ratio for May 2021 is 38.9%. By property type, the ratio is 29.8% for detached homes, 53.8% for townhomes, and 43.5% for apartments.
Source: The Real Estate Board of Greater Vancouver