MLS statistics are in from the Real Estate Board of Greater Vancouver for the month of May and they indicate a housing market that is starting to find its footing, despite the obvious challenges brought about by the Coronavirus pandemic.
Sales volume increased for each major product type over April while, overall, the inventory of resale homes remains low as many vendors remain hesitant to list their properties in a precarious market. This saw the sales to active listings ratio increase somewhat month-over-month, ending in what is considered a balanced market range.
Prices, generally speaking, appear flat across the board, however an annual review of the statistical model by the National MLS HPI operations group has resulted in a recalculation of historical aggregate and composite data, making an accurate month-over-month comparison difficult.
So What Does This Mean For The Development Land Market North Of The Fraser?
Our team has noticed a considerable uptick in developer activity as public health restrictions have been eased across BC. For example, several sites in Coquitlam’s Burquitlam neighbourhood have either gone under contract, firm or even completed on relatively short timelines. The preference of our developer clients is to stay focused on owner-occupier driven markets (like townhouses and compact single-family homes) which are seeing steady demand, however an appetite for transit-oriented sites with development potential for 4 and 6 storey wood frame apartments also still exists. Investor driven, multi-phase concrete project sites are seeing less interest than in previous years, however diminishing availability of these types of sites, combined with a decrease in pricing expectations from some vendors, should result in an increase in transactions of those types of sites in the medium term.
Check out our curated summary of the Real Estate Board of Greater Vancouver’s May 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 2020 here.
This representation is based in whole or in part on data generated by the Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.