VANCOUVER — The super-heated housing market in Metro Vancouver cooled slightly in May but the Greater Vancouver Real Estate Board says sales still remained active.<\/p>\n
A statement from the board says 4,268 homes changed hands across the region last month, a 13 per cent drop compared with April.<\/p>\n
While May didn’t match record-breaking activity seen earlier in the spring, the board says transactions were still 187.4 per cent higher than those recorded in May last year during the pandemic shutdown.<\/p>\n
Sales last month were 27.7 per cent above the 10-year sales average for May and the board says listing activity also remained above the long-term average.<\/p>\n
The board’s economist Keith Stewart says the less intense market means home sellers must work with their agents to ensure property prices are based on current market conditions.<\/p>\n
The benchmark price for a detached home is just over $1.8 million, a 22.8 per cent year-over-year increase and a 1.7 per cent lift since April, while Stewart says condo and townhome prices nudged up 1.2 and 1.8 per cent, respectively, in April.<\/p>\n
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