Up and Down in Van
Grainne Burns
Other
Analysts are crossing their fingers and hoping the tumultuous Vancouver market has finally hit bottom, with the average price of a home declining 4.3 per cent in May compared to a year ago, but the actual number of sales showing signs of recovery.
The latest statistical report from The Real Estate Board of Greater Vancouver (REBGV) shows that there were 2,882 sales in May, a 1 per cent increase from a year ago and a 9.7 per cent jump from April.
The MLS benchmark price for all residential properties in the B.C. region is currently at $598,400, according to REBGV. Despite this, the Board says the balance of sales and listings means continued market stability during the spring.
“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 also continue to fall, with May figures showing a 7.4 per cent drop below the 10 year average. This report, say industry experts, indicates sales declines in Vancouver’s resale housing market may have finally reached bottom, with recovering continuing at a sluggish rate.
Sales of detached properties increased by 2.7 per cent compared to May 2012, with the average price decreasing during the same period by 5.2 per cent to $917,200.
Meanwhile, sales of apartment properties declined by 1.7 per cent during that 12 month period, with the benchmark price also decreasing to $365,600.