There was a sharp rise in home sales in Vancouver in May, with 4,364 residential property sales reported by members of the Real Estate Board of Greater Vancouver.

Although the volume of sales was down 8.5 per cent from the record high of May 2016, month-over-month sales were up 22.8 per cent and sales were 23.7 per cent above the 10-year average for the month; it was the third highest May on record.

"Demand for condominiums and townhomes is driving today’s activity," Jill Oudil, REBGV president said. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.”

There was a 23.2 per cent rise in new listings to 6,044 (down 3.9 per cent year-over-year) with detached homes registering the largest rise at 27.1 per cent. Total inventory was up 5.7 per cent year-over-year and 4.5 per cent month-over-month to 8,168.

"Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline," Oudil said.

Prices also increased with the MLS Home Price Index composite benchmark up 8.8 per cent year-over-year and 2.8 per cent month-over-month to $967,500. The benchmark for a detached home hit $1.56 million and for an apartment was $571,300, a 17.1 per cent gain since May 2016.

“While sales are inching closer to the record-breaking pace of 2016, the market itself looks different. Sales last year were driven by demand for single-family homes. This year, it's clear that townhomes and condominiums are leading the way,” said Oudil.

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