The Housing Market in Metro Vancouver Showed a Small Sign of Cool Down:
Quick Summary:
- May 2021’s home sales increased by 27.7% from the 10-year sales average record of May.
- There are 4,268 homes listed for sale in the Vancouver region in May 2021 based on the Real Estate Board of Greater Vancouver’s (REBGV) report. Which is a 187.4% increase in the number of homes sold in May 2020.
- In May 2021 the benchmark price was $1,172,800, a 14% increased from the benchmark price in May 2020.
Sales-to-Active-Listings Ratio Saw Minor Drop in May:
- The sales-to-active-listings ratio in May 2021 is 38.9%, the market remains as a seller’s market for all housing types. A recap::
- A ratio below 12% typically indicates that the market is a buyer’s market.
- A consistent trend of ratio above 20% indicates that the market is a seller’s market.
- May’s sales-to-active listings ratio for different home types:
- Detached homes: 29.8%
- Townhomes: 53.8%
- Apartments: 43.5%
- As mentioned by Keith Stewart, the REBGV economist, a home seller should update their sale price according to the current housing market condition. In addition, the active market in March and April suggested an increase in demand for housing supplies across the region in the later months.
*Images/numbers from REBGV report.