VANCOUVER – Home sales across Metro Vancouver tumbled last month, when compared with May 2017 and the Real Estate Board of Greater Vancouver says that raises the potential of lower prices for some types of homes.
The board says 2,833 properties sold in its region in May, a 35.1 per cent plunge from sales recorded in the same time last year, although May’s sales were up nearly 10 per cent over transactions in April, reported Canadian Press.
A news release from the real estate board says sales in May were 19.3 per cent below the 10-year average for the month.
Board president Phil Moore says low sales and a nearly 10 per cent jump in the number of newly listed properties between April and May has pushed selection to its highest level in two years.
Moore says supply is still below the 10-year average but when the total number of single detached home sales is divided by total listings for that type of property, the ratio is 14.7, nearing the indicator where downward pressure on prices can occur.
The sales-to-active listings ratios for townhomes and condominiums are higher, at 30.8 per cent for townhomes and 41.7 per cent for condominiums, well above the 20 per cent mark that the board says can trigger upward pressure on prices.
