Summer is fast approaching and according to the Real Estate Board of Greater Vancouver, "an increase in home buyer demand put Greater Vancouver in the upper reaches of a balanced real estate market in May". Sales in May were below the 10 year average by 6.5%. However, the sales-to-active ratio was quite high at 20.4%—higher than it has been in the last 3 years. The 10 year average may make the market appear slower, however the sales-to-active ratio lets us know that listings are flying off the shelves.
New listings are trending downward with a nearly 0.2% increase in listings over last month and 2% lower number of listings than the 10 year average. If this downward trend for listings combined with the upward trend for buyers continues, then buyers who wait to jump into the market may find themselves having a hard time finding their ideal listing.
In May 2014, sales increased by 19.9% for detached houses, 13.2% for condos/lofts and 2.4% for attached condos, over May 2013. Vancouver also saw a consistent increase in price of residential housing at 4.3%, over May 2013. In the breakdown, detached houses saw the greatest price increase at 5.4%, with townhouses at 3.1% and condos/lofts at 3.2% remaining consistent. Stable pricing suggests that it is a great time to buy.
Buyers are at an amazing advantage this month, with interest rates at an all-time low, bringing the cost of a mortgage down. If you want to hear more about finding a 2.97% interest rate on five year fixed mortgage, then give me a call.
For more details visit the Real Estate Board of Greater Vancouver for monthly statistical reports.