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.
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.
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