{"id":9396,"date":"2018-06-12T10:10:06","date_gmt":"2018-06-12T17:10:06","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9396"},"modified":"2018-06-09T08:15:44","modified_gmt":"2018-06-09T15:15:44","slug":"how-easing-demand-pushed-up-housing-supply-in-greater-vancouver","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/how-easing-demand-pushed-up-housing-supply-in-greater-vancouver\/","title":{"rendered":"How Easing Demand Pushed Up Housing Supply in Greater Vancouver"},"content":{"rendered":"<p style=\"text-align: justify;\">Cooling demand in Metro Vancouver\u2019s housing market allowed supply to accumulate in May, however, the amount of homes for sale still remain below long-term averages.<\/p>\n<p style=\"text-align: justify;\">In May, a total of 2,833 homes changed hands in the region, a 35% decrease compared to 4,364 sales recorded a year ago, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV), published June 1.<\/p>\n<p style=\"text-align: justify;\">Last month\u2019s sales were 19% below the 10-year May sales average.<\/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 says Phil Moore, REBGV president, in a statement.<\/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 he adds.<\/p>\n<p style=\"text-align: justify;\">Here are 11 more facts that show how easing demand pushed up housing supply in Greater Vancouver in May.<\/p>\n<p style=\"text-align: justify;\">1. Overall, there were 6,375 properties (detached, attached and condo) newly listed for sale last month, up 5.5% from the 6,044 homes listed a year ago. This also represents a 9.5% increase compared to April 2018 when 5,820 homes were listed.<\/p>\n<p style=\"text-align: justify;\">2. Last month, there were a total of 11,292 properties listed for sale in Metro Vancouver \u2014 a 38% increase compared to 8,168 properties recorded in May 2017.<\/p>\n<p style=\"text-align: justify;\">3. According to REBGV, the total number of listings available last month was 17% below the 10-year May average.<\/p>\n<p style=\"text-align: justify;\">4. For all property types, the sales-to-active listings ratio was 25% in May. REBGV says typically downward pressure on home prices occurs when the ratio falls below the 12% mark for a prolonged period, while home prices generally experience upward pressure when it surpasses 20% for a sustained period.<\/p>\n<p style=\"text-align: justify;\">5. Last month, the benchmark price of a home for all property types was $1,094,000, an 11.5% uptick from May 2017.<\/p>\n<p style=\"text-align: justify;\">6. Detached home sales in Metro Vancouver continued to fall last month with a total of 926 sales \u2014 down 40% from the 1,548 units sold a year ago.<\/p>\n<p style=\"text-align: justify;\">7. The benchmark price of a detached home hit $1,608,000 in May, up 2% from the same period a year ago.<\/p>\n<p style=\"text-align: justify;\">8. In the condo segment, a total of 1,431 units sold in May, down 29% from the 2,025 sales recorded in May 2017.<\/p>\n<p style=\"text-align: justify;\">9. Last month, the benchmark price of a condo reached $701,700 \u2014 a 20% year-over-year increase.<\/p>\n<p style=\"text-align: justify;\">10. A total of 476 attached homes sold in Metro Vancouver in May, down nearly 40% from the 791 sales in May 2017.<\/p>\n<p style=\"text-align: justify;\">11. The benchmark price of an attached home was $859,500 last month \u2014 a 16% increase from a year ago.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/06\/11-facts-greater-vancouvers-spring-housing-market.html\" target=\"_blank\" rel=\"noopener\">11 Key Facts from Greater Vancouver&#8217;s Spring Housing Market<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cooling demand in Metro Vancouver\u2019s housing market allowed supply to accumulate in May, however, the amount of homes for sale still remain below long-term averages. In May, a total of &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/how-easing-demand-pushed-up-housing-supply-in-greater-vancouver\/\">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-9396","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>How Easing Demand Pushed Up Housing Supply in Greater Vancouver &#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\/how-easing-demand-pushed-up-housing-supply-in-greater-vancouver\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How Easing Demand Pushed Up Housing Supply in Greater Vancouver &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Cooling demand in Metro Vancouver\u2019s housing market allowed supply to accumulate in May, however, the amount of homes for sale still remain below long-term averages. 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