Metro Vancouver real estate sales were down 30.7% from May 2007, while the number of listings available for sale rose by 20.2%. As the market moves towards a rebalancing, sellers are faced with more competition, while buyers find more inventory from which to choose. Prices throughout Metro Vancouver have risen on average betweeen 8.4% and 9% in the past twelve months.
Detached Homes
Detached home prices in Metro Vancouver rose 8.4% since May 2007, reaching an average benchmark price of $771,250. Prices remained stable from April to May. The number of units sold fell 33.4% from last May, while listings increased 24.6%, reaching a high of 3,177 units.
Year-to-date results show a similar trend, with 18.1% fewer sales this year over last.
Townhouses
Prices of Metro Vancouver townhouses have increased 9% in the past twelve months, reaching an all-time high of $478,931 in May 2008. The number of townhouses sold fell by 24.8% over last May. With the slowing sales trend, inventory has continued to rise, with 20.6% more townhouses available for sale this May over last.
Condominiums
Condo sales have followed a similar trend. With prices reaching an all-time high of $389,668, the number of sales in May fell 30.5% from May 2007, while the number of listings increased 15.6%.
Year-to-date Metro Vancouver condo sales were down 10.8% from 2007.
Statistical source: Real Estate Board of Greater Vancouver