Happy Father's Day! Hope you are having a great time. Here are the latest stats for Greater Vancouver's real estate market.
May Stats
Traditionally, May tends to be one of the busiest months in the year, as it signals the busy summer season. We saw the opposite to that last month. In May, we had a total of 2,733 sales - lower than the month of April! We are by no means in a slow market, but it is quite surprising to see that instead of building up to a busy summer season, the market seemed to be hitting a brake for a bit.
We had an inventory of 13,600 homes for sale on the market, making the Sales-To-Active Ratio 20.8%. This means we are almost out of the seller's market, and the momentum is definitely heading towards a well balanced market.
Home values are staying steady, as expected in a balanced market. The current Benchmark Price for Greater Vancouver is $1,212,000. This is a 2.3% increase over the last 12 months.
Why Is This Happening?
There are speculations as to why, despite a strong April, things seemed to have slowed down in May. Outlook on the economy, interest rate announcement, anticipated policy changes like capital gain tax and flipping tax, just to name a few. With that said, whenever a monkey wrench is thrown into the system, the initial reaction by the market is always shock followed by a momentary freeze. And shortly after that, we realize that life will continue, and the market gets back to its normal course. With the interest rate drop out of the way and housing policies implementations on their ways, I am feeling optimistic about the second half of the year.
Sincerely
Your “Favourite” Vancouver Canada Referral Partner
Joseph Liang
6/16/2024