A new report by the B.C. Real Estate Association says that housing markets across the province “continue to calm down”.
In May 2021, realtors sold a total of 12,638 homes.
This represents the second month of decreasing sales after the provincial market registered a new record high in March 2021.
It can recalled that sales in March this year totalled 15,073 homes, beating the previous all-time best monthly record of 13,482 in May 2016.
The impressive March 2021 tally was followed by 13,683 sales in April.
Although lower than March, the April 2021 volume was still higher than the previous record held by May 2016 of 13,482 sales.
The same story goes for prices.
In May 2021, the average price of a B.C. home stood at $916,340.
This means that the average price declined for the second month after March 2021, which had $947,707.
In April 2021, the average price was $946,606.
Brendon Ogmundson is the chief economist of the BCREA, which represents around 23,000 realtors.
“Provincial housing markets continue to calm after peaking in March,” Ogmundson said in a media release.
The same release flagged “dwindling supply” amid “strong demand” in the market.
It noted that total active residential listings were down 17 percent year-over-year in May 2021.
Listings also “dipped lower on a seasonally adjusted basis following two prior months of rising active listings”.
“On the supply side, markets in the Lower Mainland are seeing a strong supply response, with new listings rising,” Ogmundson said.
However, Ogmundson also noted that “new listings in markets outside of Metro Vancouver have started to flatten out”.
In May 2021, the sales-to-active-listings ratio or SAR stood at 48.1, which means that sellers remain in control of the market
A balanced market has a SAR of 12 percent to 20 percent. A seller’s market means a SAR of more than 20 percent. A buyer’s market has a SAR of less than 12 percent.