Home sales in Greater Vancouver “easing down from record peaks” but prices continue to increase

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      The Real Estate Board of Greater Vancouver reports that “sales [are] easing down from record peaks”.

      Last month, realtors with REBGV sold 4,268 homes in the region, representing a 13 percent decrease from the 4,908 tally of April 2021.

      Although sales showed a “little less intensity”, prices continued to rise.

      The composite benchmark price for all residential properties rose to $1,172,800 in May 2021.

      The number means a 1.5 percent increase over April 2021.

      The benchmark price of a detached home in May 2021 increased to $1,800,600, a 1.7 percent improvement over April.

      For condos, the benchmark price rose to $737,100. This means a 1.2 percent increase compared to April 2021.

      As for attached homes, the benchmark price in May came to $936,300, a 1.8 percent increase from April.

      The board covers the following areas: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

      The region’s real-estate market set a new all-time high record in March 2021.

      The REBGV previously reported that deals in that period were the “highest monthly sales total ever recorded in the region”.

      A total of 5,708 homes sold in March 2021.

      An REBGV media release Wednesday (June 2) stated that sales last month were 27.7 percent above the 10-year May sales average.

      “While home sale and listing activity remained above our long-term averages in May, conditions moved back from the record-setting pace experienced throughout Metro Vancouver in March and April of this year,” board economist Keith Stewart said.