The Real Estate Board of Greater Vancouver says May house gross sales rose 15.7 per cent from a yr earlier.
The B.C. board says Vancouver’s housing market is exhibiting indicators of heating up heading into the summer time, as costs elevated for the sixth consecutive month.
The board says gross sales for the month totalled 3,411, which was 1.4 per cent under the 10-year seasonal common of three,458.
The composite benchmark value for all residential properties in Metro Vancouver was $1,188,000 final month, down 5.6 per cent from a yr in the past however up 1.3 per cent from April.
There have been 5,661 new listings final month, an 11.5 per cent lower in contrast with a yr in the past and 4.3 per cent decrease than the 10-year seasonal common of 5,917.
Andrew Lis, the board’s director of economics and information evaluation, says in a launch that costs are growing as a result of there are extra patrons than sellers available in the market, protecting resale properties in brief provide.
Lis says the upper gross sales in May nearing historic averages have been a “surprising twist” amid greater rates of interest and slower new itemizing exercise.
“If mortgage rates weren’t holding back market activity so much right now, I think our market would look a lot like the heydays of 2021/22, or even 2016/17,” he says.
