The Vancouver area’s real estate board says the number of homes that changed hands in May fell 19.9 per cent compared to the same month last year as more new properties continued to hit the market.
Greater Vancouver Realtors said Tuesday there were 2,733 home sales in the region last month, down from 3,411 sales recorded in May 2023 and 19.6 per cent below the 10-year seasonal average for May.
That came as the number of homes listed for sale in the region in May rose 46.3 per cent from May 2023 to 13,600, which is nearly one-fifth higher than the 10-year seasonal average. In May, there were 6,374 detached, attached and apartment properties listed as newly available — a 12.6 per cent increase compared with May 2023.
Andrew Lis, Greater Vancouver Realtors’ director of economics and data analytics, called it a “surprise” that May sales came in softer than usual.
“It’s a natural inclination to chalk these trends up to one factor or another, but what we’re seeing is a culmination of factors influencing buyer and seller decisions in the market right now,” he said in a news release.
This is the best summary I could come up with:
The Vancouver area’s real estate board says the number of homes that changed hands in May fell 19.9 per cent compared to the same month last year as more new properties continued to hit the market.
That came as the number of homes listed for sale in the region in May rose 46.3 per cent from May 2023 to 13,600, which is nearly one-fifth higher than the 10-year seasonal average.
Andrew Lis, Greater Vancouver Realtors’ director of economics and data analytics, called it a “surprise” that May sales came in softer than usual.
“It’s everything from higher borrowing costs, to worries about the economy, to policy interventions imposed by various levels of government.”
With some economists forecasting a rate cut, it could spur more potential home buyers currently waiting on the sidelines to enter the market.
But with rising inventory levels and softening demand, buyers who have been waiting for an opportunity might have more luck this summer, even if borrowing costs remain elevated."
The original article contains 386 words, the summary contains 161 words. Saved 58%. I’m a bot and I’m open source!
THIS is a trend I can get behind!
