{"id":2192,"date":"2016-06-02T14:22:29","date_gmt":"2016-06-02T21:22:29","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2192"},"modified":"2016-06-02T14:22:47","modified_gmt":"2016-06-02T21:22:47","slug":"demand-remains-elevated-across-the-metro-vancouver-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/06\/demand-remains-elevated-across-the-metro-vancouver-housing-market\/","title":{"rendered":"Demand Remains Elevated Across the Metro Vancouver Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">Metro Vancouver homes continue to sell at an unprecedented rate in communities across the region.<\/p>\n<p style=\"text-align: justify;\">Residential property sales on the region&#8217;s Multiple Listing Service\u00ae (MLS\u00ae) totalled 4,769 in May 2016, an increase of 17.6% from the 4,056 sales recorded in May 2015 and a decrease of 0.3% compared to April 2016 when 4,781 homes sold.<\/p>\n<p style=\"text-align: justify;\">Last month\u2019s sales were 35.3% above the 10-year sales average for the month and rank as the highest sales total on record for May.<\/p>\n<p style=\"text-align: justify;\">&#8220;Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today,&#8221; Dan Morrison, REBGV president said.<\/p>\n<p style=\"text-align: justify;\">New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,289 in May 2016. This represents an increase of 11.5% compared to the 5,641 units listed in May 2015 and a 2.6% increase compared to April 2016 when 6,127 properties were listed.<\/p>\n<p style=\"text-align: justify;\">The total number of properties currently listed for sale on the MLS\u00ae system in Metro Vancouver is 7,726, a 37.3% decline compared to May 2015 (12,336) and a 2.3% increase compared to April 2016 (7,550).<\/p>\n<p style=\"text-align: justify;\">&#8220;Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today\u2019s activity,&#8221; Morrison said.<\/p>\n<p style=\"text-align: justify;\">The sales-to-active listings ratio for May 2016 is 61.7%. This is indicative of a seller\u2019s market.<\/p>\n<p style=\"text-align: justify;\">Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.<\/p>\n<p style=\"text-align: justify;\">The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $889,100. This represents a 29.7% increase compared to May 2015.<\/p>\n<p style=\"text-align: justify;\">Sales of detached properties in May 2016 reached 1,865, an increase of 8.2% from the 1,723 detached sales recorded in May 2015. The benchmark price for detached properties increased 36.9% from May 2015 to $1,513,800.<\/p>\n<p style=\"text-align: justify;\">Sales of apartment properties reached 2,150 in May 2016, an increase of 34.4% compared to the 1,600 sales in May 2015. The benchmark price of an apartment property increased 22.3% from May 2015 to $485,000.<\/p>\n<p style=\"text-align: justify;\">Attached property sales in May 2016 totalled 754, an increase of 2.9% compared to the 733 sales in May 2015. The benchmark price of an attached unit increased 24.9% from May 2015 to $632,400.<\/p>\n<p><a href=\"http:\/\/www.rebgv.org\/sites\/default\/files\/REBGV%20Stats%20Package%20May%202016.pdf\" target=\"_blank\">Click here<\/a> for the full stats package.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metro Vancouver homes continue to sell at an unprecedented rate in communities across the region. Residential property sales on the region&#8217;s Multiple Listing Service\u00ae (MLS\u00ae) totalled 4,769 in May 2016, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/06\/demand-remains-elevated-across-the-metro-vancouver-housing-market\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2192","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Demand Remains Elevated Across the Metro Vancouver Housing Market &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/06\/demand-remains-elevated-across-the-metro-vancouver-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Demand Remains Elevated Across the Metro Vancouver Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Metro Vancouver homes continue to sell at an unprecedented rate in communities across the region. 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