Real Estate Board of Greater Vancouver reports that home sales fall sharply in May compared to a year ago

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      If the B.C. NDP government wanted to slow the housing market, it can look upon this month's real-estate statistics as a sign of success.

      However, the numbers are not good news for agents who need a high sales volume to keep the commissions flowing.

      According to the Real Estate Board of Greater Vancouver, there was a 35.1 percent dip in sales in May 2018 over the same month of last year.

      May sales were also 19.3 percent below the 10-year average for the month.

      However, the 2,833 residential property transactions in May were still 9.8 percent above the total in April.

      “With fewer homes selling today compared to recent years, the number of homes available for sale is rising,” REBGV president Phil Moore said in a news release. “The selection of homes for sale in Metro Vancouver has risen to the highest levels we’ve seen in the last two years, yet supply is still below our long-term historical averages.”

      The benchmark price for all residential properties in the REBGV territory is nearly $1.1 million.

      The benchmark for an apartment is $701,700, which is up 20.2 perrcent from a year ago.

      The REBGV does not include Surrey, North Delta, White Rock, and Langley.

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