Vancouver

Vancouver Is Seeing Less Sales In May…and More Inventory

Vancouver Is Seeing More Sales In May...and More Inventory

We know, the month’s not over yet – but we were dying to see how Vancouver real estate is doing in one of the hottest months of the year. While the numbers haven’t been finalized by the Real Estate Board of Greater Vancouver (REBGV), the folks at Vancouver Condo Info have dropped a preview of how the month is performing. So far we’re seeing less sales, less new listings, and a higher total inventory than last year.

Sales Are Lower So Far

Vancouver appears to be seeing less sales this May than last. As of May 23, there was 2,654 sales, which averaged 115 sales per day. The same month last year ended with 4,769 sales, which averages to 153 sales per day. Sales are about 24% lower than the same time last month. That is, if the pace of sales continues through to month end.

New Listings Are Down

New listings are down compared to the same time last year. The first 23 days in May saw 4,120 new listings, an average of 179 per day. May 2016 ended with 6,289 new listings, an average of 202 per day. This represents an 11.38% decline when compared.

Total Inventory Is Higher

Despite less new listings, inventory is still higher than last year. As of yesterday, there was 8,765 listings for sale in the Greater Vancouver Region. May 2016 ended with 7,726 units, around 13% lower than yesterday’s number. While there’s still a chance inventory will drop with increasing sales, even the lowest point of the month was much higher than last year.

These numbers aren’t finalized by REBGV, and may be revised (usually upwards) by the end of the month. They’re not a perfect data set, but it helps to give a preview of how the market is performing so far. Sales are slower, and inventory is building. Somehow I still feel like prices are still going to be higher.

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7 Comments

  • Reply
    Gregory 7 months ago

    So in Vancouver there are 8,765 properties for sale – what is the comparable for Toronto (a much larger city) ? as you said, Vancouver is selling at a rate of 179/day, so that is 48 days of supply… wow, that is so tight – not surprised to see Condos back into bidding wars in Vancouver.

    thanks

  • Reply
    H 7 months ago

    FEWER sales. Not “Less”.

  • Reply
    Laser 7 months ago

    Would be great to see this analysis on the single family market alone. When multis and SF are lumped together in the figure, I wonder how well the strength in the condo market is masking problems in the single family market.

  • Reply
    Jim 7 months ago

    Only crazy people buy in Vancouver. Why not consider the Sunshine Coast, Sea to Sky, Deep Cove, or for a smokin’ deal: Bowen Island (35 minutes by public transit to downtown Vancouver) ?
    I guess Vancouver is the trendy brand.

  • Reply
    Kia 7 months ago

    Am I right that most economies reinflated asset prices to maintain confidence after the 2007 crash . Guess that tricked worked ! And no doubt even if there was a crash – Central Bankers in Canada would simply do the same .So I guess banks and mortgages are safe and eventually it will all reinflate even if there was a crash ! Ie All those buying in popular areas are right ! Their asset values are protected what ever happens in the real estate market .The Bo C will make sure of that !

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