As the province regains its footing after months of COVID-19-related restrictions, home prices across Greater Vancouver continue to appear stable.

The MLS Home Price Index composite benchmark was $1,028,400 across all properties throughout Metro Vancouver, a slight decline from April, but up 2.9 percent over the same time last year.

The Real Estate Board of Greater Vancouver (REBGV) released the pricing data this week in its May Monthly Market Report.

“As we moved through May, we saw a real estate market begin to form from the depths of the slowdown in March and April and with it the actions of many came under the microscope. For better or for worse, humanity moves forward,” said Kevin Skipworth, Managing Broker and Partner at Dexter Realty, in a market analysis of the regional data.

“Home sales and listing activity showed significant improvement in May, with the provincial government announcing a phased approach to re-opening the economy and business.”

While home prices have seen little fluctuation, sales activity picked up significantly in May, with a total of 1,485 transactions recorded last month. This monthly total made for a 33.9 percent increase over April, but still fell far short of May 2019’s market activity level, which was already regarded as an underperforming period.

Despite the month-over-month improvement, May’s sales remain 54.4 percent below the 10-year sales average for the Vancouver region.

“Home sale and listing activity is down compared to typical, long-term levels and up compared to the activity we saw in April 2020,” said Colette Gerber, Chair of REBGV, in the report. “Home buyers and sellers are adapting today, becoming more comfortable operating with the physical distancing requirements that are in place in the market.”

Even as sales reach historic lows in what is typically the busiest season for homebuying, the effect of pricing so far has been minimal. There were 653 condo apartments sold last month at a benchmark price of $686,500. The sale figure was down 47.6 percent over May 2019 while the price rose three percent.

Similarly, sales for detached homes dropped 41.5 percent in May with 534 properties changing hands. Detached homes prices crept up 0.3 percent from April 2020 and 2.9 year-over-year, reaching $1,456,700 last month.

After April saw many would-be home sellers holding their breath on the sidelines, May recorded a modest 5.7 percent boost to the number of active listings on the market. However, at only 9,927 listings, the total was still 32.4 percent lower than during the same period last year.

Vancouver Home Prices Remain Stable in May, Sales Pick Up Steam by Michelle McNally | Livabl