Although, May 2019 had the lowest May sales total in 19 years with 2,638 homes sold, according to figures released on June 4th, 2019 by the Real Estate Board of Greater Vancouver (REBGV).
Summarized by Selin Gul
The month of May is usually the busiest month of the year for home sales. According to the Western Investor, “May’s transaction total is 6.9% lower than in May 2018, 22.9% below the 10-year average for the month of May and the lowest total since May 2000.” (Western Investor, 2019)
“High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today,” said Ashley Smith, REBGV president.
Last month, there were 5,861 homes newly listed, this is more than double the number of homes sold last month. According to the Real Estate Board of Greater Vancouver, the total number of homes listed for sale on Metro Vancouver’s MLS is 14,685. This is the highest number of homes listed for sale since September 2014.
Due to the large number of homes on the market, the benchmark price of a home is being pulled down. The benchmark price of a home in Metro Vancouver is now $1,006,400. This is an 8.9% drop since May 2018 (Western Investor, 2019).
If you are thinking of buying or selling your property, or would like to get expert real estate advice, please contact Matt Gul, a top selling luxury real estate agent in West Vancouver. Contact Matt Gul at 778.888.8888 or at matt@mattgul.com
Summarized by Selin Gul