Helen Gambling  'A Sure Bet in Real Estate'

Personal Real Estate Corporation


(604) 466-2838
 

VANCOUVER, B.C. - June 3, 2014 - An increase in home buyer demand put Greater
Vancouver in the upper reaches of a balanced real estate market in May.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 3,286 on the Multiple Listing Service® (MLS®) in May 2014. This
represents a 14 per cent increase compared to the 2,882 sales recorded in May 2013, and a 7.7
per cent increase compared to the 3,050 sales in April 2014.

 

Last month's sales were 6.5 per cent below the lO-year sales average for May of 3,514.

 

The sales-to-active-listings ratio currently sits at 20.4 per cent in Greater Vancouver, which is the
first time that this measure has been above 20 per cent since June 2011.

 

"Our MLS® statistics tell us that there's more home buyer demand today than at any point over
the last three years," Ray Harris, REBGV president said. "With sales surpassing the 3,000 mark
in May and our sales-to-active-listing ratio exceeding 20 per cent, this is the most active
marketplace we've seen since the spring of2011,"

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,936
in May. This represents a 5 per cent increase compared to the 5,656 new listings in May 2013

and a 0.2 per cent decline from the 5,950 new listings in April. Last month's new listing count

was 2 per cent below the region's 1 O-year new listing average for the month.

 

The total number of properties currently listed for sale on the MLS® system in Greater
Vancouver is 16,072, a 6.7 per cent decline compared to May 2013 and a 3.6 per cent increase
compared to April 2014.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $624,000. This represents a 4.3 per cent increase compared to May 2013.

 

•• Home prices have experienced consistent yet modest increases in our region since the beginning
of2013," Harris said.

 

Sales of detached properties in May 2014 reached 1,453, an increase of 19.9 per cent from the
1,212 detached sales recorded in May 2013, and a 23.1 per cent increase from the 1,180 units
sold in May 2012. The benchmark price for detached properties increased 5.4 per cent from May
2013 to $966,500.

 

Sales of apartment properties reached 1,286 in May 2014, an increase of 13.2 per cent compared
to the 1,136 sales in May 2013, and an 11.2 per cent increase compared to the 1,156 sales in May
2012. The benchmark price of an apartment property increased 3.2 per cent from May 2013 to
$377,500.

 

Attached property sales in May 2014 totalled 547, a 2.4 per cent increase compared to the 534
sales in May 2013, and a 5.8 per cent increase over the 517 attached properties sold in May
2012. The benchmark price of an attached unit increased 3.l per cent between May 2013 and
2014 to $469,100.

 

The real estate industry is a key economic driver in British Columbia. In 2013, 28,524 homes changed ownership in the Board's area, generating $1.84 billion in economic spin-off activity and 13,977 jobs. The total dollar value of

residential sales transacted through the MLS@ system in Greater Vancouver totalled $22 billion in 2013. The Real
Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS@and their
companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more
information on real estate, statistics, and buying or selling a home, contact a local REAL TOR@ or visit
l:vww.rebgv.org.

Post CommentComments: 0Read Full Story