Home sales across Metro Vancouver are sluggish and listings are rising, according to the latest Real Estate Board of Greater Vancouver (REBGV) statistics.
The REBGV reported June 4 that the 2,853 residential sales that closed across the region in May was the lowest number for the month since 2001.
May home sales were 15.5% less than the 3,377 sales achieved in May 2011. They were also 21.1% below the 10-year May sales average of 3,617.
Alongside fewer sales are more listings.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,927 in May, according to the REBGV. That is a 16.8% increase compared with May 2011, when 5,931 homes were listed for sale, and a 14.4% increase over April, when 6,056 homes were newly listed for sale on the region’s multiple listing service (MLS).
The number of new listings was also 15.3% higher than the 10-year average for new listings in the region.
At 17,835, the number of homes listed for sale on the region’s MLS increased 7.9% in May compared with the previous month and was up 21% compared with May last year.
But REBGV president Eugen Klein said homeowners should not be concerned about the statistics.
“Our sales-to-active-listing ratio sits at 16%, which is indicative of balanced market conditions,” he said.
“As a result of this stability, home prices at the regional level have seen little fluctuation over the last six months.”
