Spring months bring balance to Greater Vancouver housing market
VANCOUVER, B.C. – June 4, 2013 – While the number of home sales in Greater Vancouver
continued to trend below the 10-year average in May, the balance of sales and listings meant
continued market stability this spring.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 2,882 on the Multiple Listing Service® (MLS®) in May 2013. This
represents a one per cent increase compared to the 2,853 sales recorded in May 2012, and a 9.7
per cent increase compared to the 2,627 sales in April 2013.
Last month’s sales were 19.4 per cent below the 10-year sales average for the month, while new
listings for the month were 7.4 percent below the 10-year average.
“We’ve seen some steadying trends over the last three months,” Sandra Wyant, REBGV
president said. “The number of homes listed for sale has been keeping pace with the number of
property sales, leading to a balanced sales-to-listings ratio. This is having a stabilizing influence
on home price activity.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,656
in May. This represents an 18.3 per cent decline compared to the 6,927 new listings reported in
May 2012 and a 3.7 per cent decline from the 5,876 new listings in April of this year.
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is
17,222, a 3.4 per cent decrease compared to May 2012 and a 2.9 per cent increase compared to
The sales-to-active-listings ratio currently sits at 17 per cent in Greater Vancouver. This is the
third straight month that this ratio has been above 15 per cent. Previous to this, May 2012 was
the last time this ratio was above 15 per cent.
The MLS® Home Price Index composite benchmark price for all residential properties in
Greater Vancouver is currently $598,400. This represents a decline of 4.3 per cent compared to
this time last year and an increase of 1.8 per cent compared to January 2013.
Sales of detached properties reached 1,212 in May 2013, an increase of 2.7 per cent from the
1,180 detached sales recorded in May 2012, and a 22.8 per cent decrease from the 1,570 units
sold in May 2011. The benchmark price for detached properties decreased 5.2 per cent from May
2012 to $917,200.
ContinuedSales of apartment properties reached 1,136 in May 2013, a decline of 1.7 per cent compared to
the 1,156 sales in May 2012, and a decrease of 7.5 per cent compared to the 1,228 sales in May
2011. The benchmark price of an apartment property decreased 3.7 per cent from May 2012 to
Attached property sales in May 2013 totalled 534, an increase of 3.3 per cent compared to the
517 sales in May 2012, and a 7.8 per cent decrease from the 579 attached properties sold in May
2011. The benchmark price of an attached unit decreased 3.2 per cent between May 2012 and
2013 to $454,900.