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.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.