Metro Vancouver's housing market heats up as summer arrives, with prices rising for the sixth consecutive month. Residential sales in May 2023 increased by 15.7% compared to May 2022. The number of new listings decreased by 11.5%, resulting in a limited supply of resale homes.

The sales-to-active listings ratio is 38.4%, indicating high competition among buyers. Despite slower mortgage rates and fewer listings, sales rebounded closer to historical averages. The composite benchmark price for all residential properties is $1,188,000, showing a 5.6% decrease from May 2022. Detached home sales rose by 30.7% while apartment and attached home sales increased by 7.9% and 16.7% respectively.

NOTE: This representation is based in whole or in part on data generated by the Real Estate Board of Greater Vancouver, which assumes no responsibility for its accuracy.

Read the full report: https://www.rebgv.org/market-watch/monthly-market-report/may-2023.html