Supply improving in Vancouver but for the wrong reason

There was a further slump in home sales in Metro Vancouver last month with a 35.1% drop to 2,833.

Real Estate Board of Greater Vancouver says that sales were up from April (by 9.8%) but remained 19.3% below the 10-year May sales average; and as a result, inventory is increasing.

“With fewer homes selling today compared to recent years, the number of homes available for sale is rising,” Phil Moore, REBGV president said. “The selection of homes for sale in Metro Vancouver has risen to the highest levels we’ve seen in the last two years, yet supply is still below our long-term historical averages.”

The total number of properties currently listed for sale on the MLS system in Metro Vancouver is 11,292, up 38.2% year-over-year and up 15% from April. Inventory is 17.2% below the 10-year average for May.

For all property types, the sales-to-active listings ratio for May 2018 is 25.1% (14.7% for detached homes, 30.8% for townhomes, and 41.7% for condos).

Sales by property type