Greater Vancouver Realtors (GVR) say the number of transactions on the Multiple Listing Service (MLS) declined this May compared to what is typical for this time of year in Metro Vancouver.
According to GVR’s latest monthly market report, the shift has allowed the inventory of homes available for sale to continue to accumulate with more than 13,000 homes now actively listed on the MLS in the region.
Residential sales in the region last month saw a 19.9 per cent decrease from the sales recorded in May 2023.
The May 2024 sales total was also down 19.6 per cent from the 10-year seasonal average for May.
“The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data,” Andrew Lis, Director of Economics and Data Analytics, said in a news release.
According to the report, the May 2024 benchmark price for a single-detached house in Ladner was $1,441,400, almost unchanged from the previous month but four per cent higher than May 2023.
The benchmark price for a single-detached house in Tsawwassen last month was $1,667,300, almost the same from the previous month but up 7.2 per cent from May 2023.
The May 2024 benchmark price for Ladner townhouse was $1,026,000, up 4.4 per cent over the same time the previous year, while last month’s benchmark for a Tsawwassen townhouse was $1,020,400, up just under one per cent from May 2023.
The benchmark price last month for a condo in Ladner and Tsawwassen was $674,100 and $682,700 respectively.
Meanwhile, according to the Fraser Valley Real Estate Board (FVRB), slower seasonal sales this May helped build inventory to its highest level since September 2019 in the Fraser Valley, creating more balanced market conditions for home buyers and sellers.
The increase in supply over the past several months has also further contributed to a softening of price growth.
The FVRB’s monthly market report notes that the benchmark price for a single-detached house in North Delta this May was $1,439,900, up 3.6 per cent from May 2023.
The May 2024 benchmark price for a North Delta townhouse and condo was $954,800 and $587,200 respectively.
