{"id":9392,"date":"2018-06-06T08:08:31","date_gmt":"2018-06-06T15:08:31","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9392"},"modified":"2018-06-05T14:52:12","modified_gmt":"2018-06-05T21:52:12","slug":"greater-vancouver-home-sales-slow-in-may-as-real-estate-listings-increase","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/greater-vancouver-home-sales-slow-in-may-as-real-estate-listings-increase\/","title":{"rendered":"Greater Vancouver Home Sales Slow in May as Real Estate Listings Increase"},"content":{"rendered":"<p style=\"text-align: justify;\">If you like having options, now\u2019s the time to browse some real estate.<\/p>\n<p style=\"text-align: justify;\">Home sales in May across Greater Vancouver dropped by 35.1% compared to the same period last year, according to the latest figures from the Real Estate Board of Greater Vancouver. While sales have dropped, the number of homes for sale remains high.<\/p>\n<p style=\"text-align: justify;\">\u201cWith fewer homes selling today compared to recent years, the number of homes available for sale is rising,\u201d said Phil Moore, president of the REBGV.<\/p>\n<p style=\"text-align: justify;\">\u201cThe selection of homes for sale in Metro Vancouver has risen to the highest levels we\u2019ve seen in the last two years, yet supply is still below our long-term historical averages.\u201d<\/p>\n<p style=\"text-align: justify;\">A total of 2,833 homes were sold in May 2018, compared to 2,579 in April 2018 \u2013 a 9.8% increase \u2013 and 4,364 in May 2017 \u2013 a 35.1% decrease. Last month\u2019s sales were also 19.3% below the 10-year May sales average.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, the number of homes being listed continues to grow.<\/p>\n<p style=\"text-align: justify;\">Last month, there were 6,375 properties newly listed for sale, a 5.5% increase compared to the same period last year and 9.5% increase compared to April 2018.<\/p>\n<p style=\"text-align: justify;\">According to analysts, home prices begin to fall when the sales-to-active listings ratio falls below 12% for a sustained period; prices tend to increase when that ratio surpasses 20% over several months.<\/p>\n<p style=\"text-align: justify;\">For May 2018, the sales-to-active listings ratio is 25.1%. When broken down into property types, the ratio is 14.7 for detached homes, 30.8% for townhomes and 41.7% for condominiums.<\/p>\n<p style=\"text-align: justify;\">The benchmark price for a detached home is currently $1.6 million, a 2.4% increase from May 2017 and 0.1% increase from April 2018. Meanwhile, the benchmark price for an apartment is $701,700; the benchmark price for an attached property is $859,500.<\/p>\n<p><a href=\"http:\/\/vancouversun.com\/news\/local-news\/greater-vancouver-home-sales-slow-in-may-2018-as-real-estate-listings-increase\" target=\"_blank\" rel=\"noopener\">Greater Vancouver Home Sales Slow in May 2018 as Real Estate Listings Increase<\/a> by Stephanie Ip | Vancouver Sun<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you like having options, now\u2019s the time to browse some real estate. Home sales in May across Greater Vancouver dropped by 35.1% compared to the same period last year, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/greater-vancouver-home-sales-slow-in-may-as-real-estate-listings-increase\/\">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-9392","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 Home Sales Slow in May as Real Estate Listings Increase &#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\/2018\/06\/greater-vancouver-home-sales-slow-in-may-as-real-estate-listings-increase\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Greater Vancouver Home Sales Slow in May as Real Estate Listings Increase &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"If you like having options, now\u2019s the time to browse some real estate. 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