Sales🔽 : 9.7% decrease compared from April 2022, and and 31.6% decrease from May 2021. Last month’s sales were 12.9% below the 10-year April sales average.
Inventories🔽 : 13.8% increase compared to April 2022 (8796) and a 8.8% decrease compared to May 2021 (10,970).
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,261,100. This represents a 0.3% decrease over April 2022 and 14.7% increase compared to May 2021.
My comments: Market has been slow as sales has dropped. The sale price though, has not really changed that much. Detached properties at higher price point (over $2 million) have dropped a little. We noticed there were multiple offers for properties around $1.7 million in different areas like East Vancouver and North Vancouver. Attached properties under $1 million has not changed much. Buyers definitely have more choices nowadays and don’t have to fight for something less desirable like few months ago. On the other hand, the rental market is getting very competitive. Rent has gone up close to 30% in some areas. It is also one of the factors that is supporting the housing market in Vancouver. Why would sellers drop the prices if they can rent out the properties for a much higher price? This is bad news for tenants but sadly a reality.
