The May statistics are in from the Real Estate Board of Greater Vancouver and they tell a similar story to last month. Sales volume is down, active listings are up and prices continue to accelerate, albeit at a slower pace than has been seen in previous months.
Compared to 10-year May averages, sales volume was down 19.3% and active listings were down 17.2%. As a result, there is increasingly more product for active buyers to choose from, however, the blended sales to active listings ratio for all products remains firmly in seller’s market territory at 25.1%. Broken out by product type, the sales to actives ratio saw detached homes reflect a balanced market at 14.7% while townhomes (30.8%) and condos (41.7%) remained in a seller’s market, indicating a very competitive market for multi-family product.
Benchmark prices were up across the board, with moderate month-over-month increases. Townhouse product increased by 0.6% and both single family and condo product increased by 0.1%. In Coquitlam, one of our core market, month-over-month price increases outpaced regional averages with single family product increasing 1.1%, townhouse by 0.5% and condo by 1.3%.
So what does all of this mean? While demand for single family product has been tampered by stricter borrowing rules and a bevy of new and expensive taxes, demand for “affordable” housing in the form of townhouses and condos appears to remain extremely high. As such, developers are still actively pursuing well located, efficient multi-family sites that can be built out and brought to market in a relatively short time frame. The single family home may well be out of reach for the average Vancouver home buyer, but the demand to own property in other formats is still very strong.
Check out our curated summary of the Real Estate Board of Greater Vancouver’s May 2018 stats in infographics below.
Please note: areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
View the Real Estate Board of Greater Vancouver’s entire stats package for May 2018 here.