British Columbia

Metro Vancouver housing sales remain sluggish in May

Housing sales in Greater Vancouver were 22.9 per cent lower last month than the 10-year average and the lowest for May since 2000, according to a report by the Real Estate Board of Greater Vancouver (REBGV) published Tuesday.

Latest report shows property sales 23 per cent below 10-year average

Housing sales in Greater Vancouver were the lowest for May since the year 2000, according to the Real Estate Board of Greater Vancouver. (Rafferty Baker/CBC)

Housing sales in Greater Vancouver were 22.9 per cent lower last month than the 10-year average and the lowest for May since 2000, according to a report by Real Estate Board of Greater Vancouver (REBGV) published Tuesday.

The real estate board says a total of 2,638 homes were sold in May 2019, a 6.9 per cent drop from the 2,833 homes sold in May 2018.

However, sales were up 44.2 per cent from the 1,829 homes sold in April.

Supply the highest since September 2014

The board's report says the supply of residential units in May 2019 was on the highest since September 2014.

A total of 14,685 homes are currently listed for sale on the MLS database in Metro Vancouver, a 30 per cent jump from the 11,292 homes listed in May 2018.

The Real Estate Board of Greater Vancouver says tougher mortgage rules and a federal stress test are behind reduced demand in the housing market. (Sean Kilpatrick/The Canadian Press)

Condo sales more sluggish than detached homes

Last month, 1,246 condos were sold, a 12.9 per cent decrease from the 1,431 condos sold in May last year, according to the report.

The benchmark price of a Metro Vancouver condo is currently $664,200, a 7.3 per cent decrease from May last year.

The number of detached home sales in May was more positive in comparison, but was still down 1.4 percent from May 2018.

The benchmark price for a detached house in the region is currently $1,421,900, an 11.5 per cent drop from May last year.

REBGV president Ashley Smith says high home prices and mortgage qualification issues caused by the federal government's B20 stress test are significant factors in the decline in sales.

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