May 2016 Housing Market Update

Demand remains elevated across the Metro Vancouver housing market

Last month’s sales were 35.3% above the 10-year sales average for the month and rank as the highest sales total on record for May.

The sales-to-active listings ratio for May 2016 is 61.7%. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark, while home prices often experience upward pressure when it reaches the 20 to 22% range in a particular community for a sustained period of time.

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The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $889,100. This represents a 29.7% increase compared to May 2015.

  • The benchmark price for detached properties increased 36.9% from May 2015 to $1,513,800.
  • The benchmark price of an apartment property increased 22.3% from May 2015 to $485,000.
  • The benchmark price of an attached unit increased 24.9% from May 2015 to $632,400.

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May 2016 Single Family Detached Price Index:

  • Burnaby East $1,238,300
  • Burnaby North $1,572,000
  • Burnaby South $1,598,500
  • Coquitlam $1,187,100
  • New Westminster $1,079,100
  • North Vancouver $1,607,600
  • Port Coquitlam $906,100
  • Port Moody $1,352,700
  • Richmond $1,643,400
  • Vancouver East $1,456,700
  • Vancouver West $3,442,100
  • West Vancouver $3,129,100