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.