{"id":6114,"date":"2017-06-08T10:10:39","date_gmt":"2017-06-08T17:10:39","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6114"},"modified":"2017-06-02T12:05:56","modified_gmt":"2017-06-02T19:05:56","slug":"greater-vancouver-condo-townhome-sales-build-momentum-in-may","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/06\/greater-vancouver-condo-townhome-sales-build-momentum-in-may\/","title":{"rendered":"Greater Vancouver Condo &#038; Townhome Sales Build Momentum in May"},"content":{"rendered":"<p style=\"text-align: justify;\">Greater Vancouver\u2019s housing market trended towards red-hot record levels seen in 2016 last month, driven by continued demand for condos and townhomes.<\/p>\n<p style=\"text-align: justify;\">A total of 4,364 homes sold in the region in May, down 8.5% from the all-time record number of sales seen in May 2016 but up nearly 23% from April 2017\u2019s sales total, says the latest data from the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n<p style=\"text-align: justify;\">Coming in as the third-highest selling May on record, last month\u2019s sales were 23.7% above the 10-year May sales average.<\/p>\n<p style=\"text-align: justify;\">However, 2016\u2019s market was fueled by the region\u2019s detached home segment but this year condos and townhomes are leading sales activity.<\/p>\n<p style=\"text-align: justify;\">\u201cFirst-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing,\u201d says Jill Oudil, REBGV president, in a press release.<\/p>\n<p style=\"text-align: justify;\">In May, a total of 2,025 apartments sold, representing a 5.8% decrease compared to the same period last year. The benchmark price was $571,300, close to an 18% year-over-year increase and a 3% hike compared to April 2017.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, 791 attached properties sold in the region last month, up roughly 5% compared to May 2016. The benchmark price for attached homes was $715,400, soaring 13% over the same period last year and a 1.9% uptick compared to the prior month.<\/p>\n<p style=\"text-align: justify;\">Metro Vancouver had a total of 6,044 new listings for detached, attached and apartment properties last month, a 3.9% decrease compared to May of last year and a 23% increase from April 2017.<\/p>\n<p style=\"text-align: justify;\">Detached homes led the month-over-month increase in new listings at 27.1%, followed by apartments and townhomes at 22.7% and 14%, respectively.<\/p>\n<p style=\"text-align: justify;\">\u201cHome buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline,\u201d says Oudil.<\/p>\n<p style=\"text-align: justify;\">When observing the sales-to-active listings ratio broken down into property types, the ratio for townhomes and condominiums suggest significant upward pressure on prices.<\/p>\n<p style=\"text-align: justify;\">In May, the ratio for condos was 94.6%, followed by 76% for townhomes and 31% for detached properties. In total, the ratio for all residential properties was 53.4%.<\/p>\n<p style=\"text-align: justify;\">Typically, downward pressure occurs on home prices when the ratio falls below 12% for a sustained period of time, says REBGV. Conversely, upward pressure on prices happens when the ratio surpasses 20% over several months.<\/p>\n<p style=\"text-align: justify;\">With less activity when compared to the apartment sector, detached home sales totaled 1,548 last month, a 17% drop from May 2016. The benchmark price was $1,561,000, up 3% year-over-year and 2.9% from April 2017.<\/p>\n<p style=\"text-align: justify;\">The benchmark price for all residential properties in the region last month saw an almost 9% year-over-year increase to $967,500 and a 2.8% increase compared to April 2017.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/06\/greater-vancouver-condo-townhome-sales-momentum-may-rebgv.html\" target=\"_blank\" rel=\"noopener noreferrer\">REBGV : Greater Vancouver Condo &amp; Townhome Sales Build Momentum in May<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Greater Vancouver\u2019s housing market trended towards red-hot record levels seen in 2016 last month, driven by continued demand for condos and townhomes. A total of 4,364 homes sold in the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/06\/greater-vancouver-condo-townhome-sales-build-momentum-in-may\/\">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-6114","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>Greater Vancouver Condo &amp; Townhome Sales Build Momentum in May &#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\/2017\/06\/greater-vancouver-condo-townhome-sales-build-momentum-in-may\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Greater Vancouver Condo &amp; Townhome Sales Build Momentum in May &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Greater Vancouver\u2019s housing market trended towards red-hot record levels seen in 2016 last month, driven by continued demand for condos and townhomes. 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