Steve Flynn  RE/MAX Crest Realty- Burnaby 

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$6.4 billion changed hands during real estate deals.

The latest numbers from the B.C. Real Estate Association (BCREA) show that 10,174 residential units were sold last month, up 16.6 per cent from May 2014. Of those, 4,145 were sold in greater Vancouver, where a whopping $3.75 billion in sales was recorded.


The average price for a residential property in B.C. was $632,182 in May, up 11.8 per cent over 2014. In greater Vancouver, the average price was up 11.2 per cent to $905,701. “Strong consumer demand is pushing home sales up in most of the large urban areas of the province,” the BCREA’s chief economist Cameron Muir said in a press release.


“A dwindling inventory of homes for sale in the face of strong demand is putting upward pressure on home prices in many regions, with the single-detached market segment experiencing most of the gains. We haven’t experienced inventories this low since prior to the financial crisis.”


So far this year, residential real estate sales worth a total of $25.5 billion have been recorded in this province, up 35.5 per cent over last year. Meanwhile, the Canadian Real Estate Association says sales last month through its MLS system were up 3.1 per cent from April, marking the fourth consecutive month-over-month increase.


CREA chief economist Gregory Klump says a rebound in sales in Calgary and Edmonton suggests uncertainty stemming from low oil prices could be easing. The association also revised its outlook for the full year upwards to reflect better-than-expected sales in British Columbia.


CREA now anticipates that national home sales will climb to 487,200 units this year, 1.3 per cent higher than last year. Compared with a year ago, sales across the country in May were up 2.7 per cent, led by Vancouver, Toronto and Montreal.


CREA president Pauline Aunger says news that CMHC will be increasing mortgage default insurance premiums for home buyers with less than a 10 per cent down payment effective June 1 could have impacted home sales. "Some buyers may have jumped off the fence and purchased in May to beat the increase," Aunger said in a statement.



Vancouver Sun

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If you'd like to view a YouTube video from the REBGV highlighting the sales for May 2015 you can find it here (copy & paste):



http://www.rebgv.org/podcasts/may-2015-market-summary

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It continues to be a competitive spring market for Metro Vancouver* home buyers. This competition continues to put upward pressure on home prices, particularly in the detached home market.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,056 on the Multiple Listing Service® (MLS®) in May 2015. This represents a 23.4 per cent increase compared to the 3,286 sales recorded in May 2014, and a decrease of 2.9 per cent compared to the 4,179 sales in April 2015.


Last month’s sales were 16.7 per cent above the 10-year sales average for the month. “We continue to see strong competition for homes that are priced right for today’s market,” Darcy McLeod, REBGV president said. “It’s important to remember that real estate is hyper local, particularly in a seller’s market. This means that conditions and prices vary depending on property type, neighbourhood, and other factors."

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,641 in May. This represents a 5 per cent decrease compared to the 5,936 new listings reported in May 2014. The total number of properties currently listed for sale on the region’s MLS® is 12,336, a 23.2 per cent decline compared to May 2014 and a 0.8 per cent decline compared to April 2015. 

 

“While the supply of homes for sale remains below what’s typical for this time of year, our region continues to offer a diverse selection of housing options at different price points,” McLeod said. “This diversity within the housing stock is part of what’s driving today’s home sale activity.” 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $684,400. This represents a 9.4 per cent increase compared to May 2014. The sales-to-active-listings ratio in May was 32.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2007.

 

Sales of detached properties in May 2015 reached 1,723, an increase of 18.6 per cent from the 1,453 detached sales recorded in May 2014, and a 42.2 per cent increase from the 1,212 units sold in May 2013. The benchmark price for a detached property in Metro Vancouver increased 14.1 per cent from May 2014 to $1,104,900.


Sales of apartment properties reached 1,600 in May 2015, an increase of 24.4 per cent compared to the 1,286 sales in May 2014, and an increase of 40.8 per cent compared to the 1,136 sales in May 2013. The benchmark price of an apartment property increased 4.6 per cent from May 2014 to $396,900. 


Attached property sales in May 2015 totalled 733, an increase of 34 per cent compared to the 547 sales in May 2014, and a 37.3 per cent increase from the 534 attached properties sold in May 2013. The benchmark price of an attached unit increased 6.4 per cent between May 2014 and 2015 to $501,000.

 

If you would like detailed statistics for a specific kind of property in any REBGV city and/or neigbourhood please contact me and I can easily send to you at your convenience.



*Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.



 

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Vancouver, BC – June 1, 2015. 


The British Columbia Real Estate Association (BCREA) released its 2015 Second Quarter Housing Forecast today. “More robust economic growth, strong consumer confidence and rock-bottom mortgage interest rates are expected to push housing demand this year to its highest level since 2007,” said Cameron Muir, BCREA Chief Economist.  


Multiple Listing Service® (MLS®) residential sales in British Columbia are forecast to rise 12.1 per cent to 94,300 units this year, before edging back 2.9 per cent to 91,600 units in 2015. The ten-year average is 83,600 unit sales. A record 106,300 MLS® residential sales were recorded in 2005.  


Stronger consumer demand combined with fewer homes available for sale is forecast to push the average MLS® residential sales price in the province up 7.4 per cent to $610,500 this year. Modest upward pressure on mortgage interest and rising new home completions are expected to ease pressure on home prices in 2016. The average MLS® residential sales price is forecast to increase by 1.7 per cent to $621,000 in 2016.

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