{"id":22071,"date":"2023-06-08T10:10:00","date_gmt":"2023-06-08T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22071"},"modified":"2023-06-03T09:06:34","modified_gmt":"2023-06-03T16:06:34","slug":"rebgv-vancouver-housing-market-is-showing-signs-of-heating-up-into-the-summer","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/06\/rebgv-vancouver-housing-market-is-showing-signs-of-heating-up-into-the-summer\/","title":{"rendered":"REBGV Vancouver Housing Market is Showing Signs of Heating Up into The Summer"},"content":{"rendered":"

The Real Estate Board of Greater Vancouver says May home sales rose 15.7% from a year earlier.<\/p>\n

The BC board says Vancouver’s housing market is showing signs of heating up heading into the summer, as prices increased for the sixth consecutive month.<\/p>\n

The board says sales for the month totalled 3,411, which was 1.4% below the 10-year seasonal average of 3,458.<\/p>\n

The composite benchmark price for all residential properties in Metro Vancouver was $1,188,000 last month, down 5.6% from a year ago but up 1.3% from April.<\/p>\n

There were 5,661 new listings last month, an 11.5% decrease compared with a year ago and 4.3% lower than the 10-year seasonal average of 5,917.<\/p>\n

Andrew Lis, the board’s director of economics and data analysis, says in a release that prices are increasing because there are more buyers than sellers in the market, keeping resale homes in short supply.<\/p>\n

Lis says the higher sales in May nearing historical averages were a “surprising twist” amid higher interest rates and slower new listing activity.<\/p>\n

“If mortgage rates weren\u2019t holding back market activity so much right now, I think our market would look a lot like the heydays of 2021\/22, or even 2016\/17,” he says.<\/p>\n

Real Estate Board : Vancouver Home Sales Rise in May, Nearing 10-Year Average<\/a> by The Canadian Press | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"

The Real Estate Board of Greater Vancouver says May home sales rose 15.7% from a year earlier. 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