Posted on
June 8, 2023
by
Sebastian Albrecht
May was another month of strengthening in the Vancouver real estate market. Once again, we moved away from the Buyer's Market of late 2022 and saw increasing demand along with very limited supply.
Sales rose to 985. This was a big increase (+34%) from last month, and well above (+9.6%) a year ago. This was is actually the first time since February 2023 that we have seen a year-over-year INCREASE in sales (985 vs 899).
It's also been a year since sales were actually above the 10-year average (April 2022). May makes the 4th month in a row that we've steadily moved closer to the 10-year average...and now just -1.75% below (985 vs 1003).
Meanwhile, there was no shortage of new listings. We saw a jump to 1806 New Listings in May. This was up (+36%) from last month but down (-7.8%) from a year ago. It was also basically right on the 10-year average (+0.7%).
Total Active Listings (supply) rose to 3,021. This was up (+3.3%) slightly from last month and signifcantly lower (-20.4%) than a year ago....