{"id":9394,"date":"2018-06-11T10:10:59","date_gmt":"2018-06-11T17:10:59","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9394"},"modified":"2018-06-09T08:16:00","modified_gmt":"2018-06-09T15:16:00","slug":"vancouvers-market-saw-double-digit-gains-driven-by-the-condo-market-in-may","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/vancouvers-market-saw-double-digit-gains-driven-by-the-condo-market-in-may\/","title":{"rendered":"Vancouver&#8217;s Market Saw Double-Digit Gains Driven by the Condo Market in May"},"content":{"rendered":"<p style=\"text-align: justify;\">VANCOUVER (NEWS 1130) \u2013 Tougher mortgage qualification rules did not stop Vancouver-area home prices from heating up in May, posting double-digit gains driven by the condo market. The Real Estate Board of Greater Vancouver says sales fell 35.1% from a year earlier to 2,833.<\/p>\n<p style=\"text-align: justify;\">Although they were 19.3% lower than the 10-year May average, sales were up 9.8% from April. Listings rose, too, increasing by 9.5%.<\/p>\n<p style=\"text-align: justify;\">\u201cFor home sellers to be successful in today\u2019s market, it\u2019s important to price your property competitively given the shifting dynamics we\u2019re experiencing,\u201d Board president Phil Moore explains. \u201cIt\u2019s also important to work with your local Realtor to better understand these changing conditions.\u201d<\/p>\n<p style=\"text-align: justify;\">Prices were sharply higher. The industry group\u2019s composite benchmark price for apartment-style condos jumped 20.2% from a year earlier to $701,700. Prices for single-detached houses were up much less, 2.4%, to an average of $1.6 million. Sales of detached properties were down 40.2% from the previous May. The sales-to-listings ratio for the category was 14.7%, which the board says is less than three points above the level where \u201cdownward pressure on home prices occurs.\u201d For condos the ratio is 41.7, more than double the level for upward price pressure.<\/p>\n<p style=\"text-align: justify;\">For all types of properties combined, the benchmark price was up 11.5% to $1.09 million.<\/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 Moore adds.<\/p>\n<p><a href=\"http:\/\/www.news1130.com\/2018\/06\/04\/metro-vancouver-condo-market-increase\/\" target=\"_blank\" rel=\"noopener\">Metro Vancouver Condo Market Drives Big Price Increase in May as Sales Sink<\/a> by Richard Dettman | News1130<\/p>\n","protected":false},"excerpt":{"rendered":"<p>VANCOUVER (NEWS 1130) \u2013 Tougher mortgage qualification rules did not stop Vancouver-area home prices from heating up in May, posting double-digit gains driven by the condo market. The Real Estate &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/vancouvers-market-saw-double-digit-gains-driven-by-the-condo-market-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-9394","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>Vancouver&#039;s Market Saw Double-Digit Gains Driven by the Condo Market 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\/2018\/06\/vancouvers-market-saw-double-digit-gains-driven-by-the-condo-market-in-may\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver&#039;s Market Saw Double-Digit Gains Driven by the Condo Market in May &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"VANCOUVER (NEWS 1130) \u2013 Tougher mortgage qualification rules did not stop Vancouver-area home prices from heating up in May, posting double-digit gains driven by the condo market. 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