Last month’s home sales in Greater Vancouver were 22.9% lower than the 10-year average and the lowest for May since 2000, the Real Estate Board of Greater Vancouver (REBGV) reported on Tuesday.
REBGV said that a total of 2,638 homes were sold in May, a 6.9% drop from the 2,833 homes sold in the same month last year. However, sales rose by 44.2% from the 1,829 homes sold in the previous month.
REBGV’s report said that the supply of residential units last month was on its highest since September 2014. A total of 14,685 homes are currently listed for sale on the MLS database in Greater Vancouver, a 30% increase from the 11,292 homes listed in May of last year.
By segment, condo sales were more sluggish than detached homes last month. A total of 1,246 condos were sold, down by 12.9% from the 1,431 condos sold last year, REBGV said. The number of detached home sales was more positive, down by only 1.4% from last year.
Ashley Smith, REBGV’s president, said that high home prices and mortgage qualification issues caused by the federal government’s B-20 stress test are significant factors in the decline in sales, according to a CBC report.
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