Major Cities Report
A Late Spring Bloom for Victoria Real Estate Market
A total of 848 properties sold in the Victoria Real Estate Board region this May, 12.3 per cent more than the 755 properties sold in May 2018 and a 21.8 per cent increase from April 2019. Sales of condominiums were up 3 per cent from May 2018 with 244 units sold and were up from April 2019 by 20.2 per cent. Sales of single family homes were up 9.6 per cent from May 2018 with 445 sold.
May Sees Modest increase in Home Sales
Monthly Metro Vancouver home sales eclipsed 2,000 for the first time this year in May, although home buyer demand remains below historical averages. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 2,638 in May 2019, a 6.9 per cent decrease from the 2,833 sales recorded in May 2018, and a 44.2 per cent increase from the 1,829 homes sold in April 2019. Last month’s sales were 22.9 per cent below the 10-year May sales average and was the lowest total for the month since 2000.
Sales Activity Improves for Second Consecutive Month
Sales growth in May was met with a decline in new listings. This combination eased the pressure on inventory levels, which finished the month at 7,467 units, a decline of 12 per cent compared to last year. Improving sales relative to inventory levels caused the months of supply to ease to just under four months. While still oversupplied, this is an improvement from the five months of supply recorded last May.
All Up From April
Residential sales, new listings and year-to-date inventory have all experienced a month-over-month increase from April 2019. Total residential sales are up 17.64% from last month, and sales have also seen a year-over-year increase of 4.04% from May 2018. The average price of all residential homes has seen a month-over-month increase but has decreased since May of 2018. Since April, the average price of a single-family home rose from $427,657 to $431,484 (an increase of 0.89%).
Substantial Increase over May 2018
The year-over-year uptick in sales experienced so far in the second quarter of 2019 reflects spring polling results from Ipsos (undertaken on behalf of TREB) suggesting that the share of likely home buyers in the Greater Toronto Area has edged upwards since the fall. The number of new listings entered into TREB’s MLS® System in May 2019 was up only slightly compared to May 2018, increasing by 0.8 per cent to 19,386. Year-over-year growth in new listings was far outstripped by year-over-year growth in sales. This means that market conditions continued to tighten in favour of sellers.