The May 2019 Market stats are out and available for download. You get the following graphs and charts for both Vancouver East and Vancouver West.
Monthly *Metro Vancouver1 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 totalled 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.
“High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today,” Ashley Smith, REBGV president said.
There were 5,861 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver last month. This represents an 8.1 per cent decrease compared to the 6,375 homes listed in May 2018 and a 2.1 per cent increase compared to April 2019 when 5,742 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,685, a 30 per cent increase compared to May 2018 (11,292) and a 2.3 per cent increase compared to April 2019 (14,357). This is the highest number of homes listed for sale since September 2014 (14,832).
“Whether you’re a buyer looking to make an offer or a seller looking to list your home, getting your pricing right is the key in today’s market,” Smith said. “To be competitive, it’s important to work with your local REALTOR® to assess and understand the latest trends in your neighbourhood and property type of choice.”
For all property types, the sales-to-active listings ratio for May 2019 is 18 per cent. By property type, the ratio is 14.2 per cent for detached homes, 20 per cent for townhomes, and 21.2 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
*The MLS® Home Price Index2 composite benchmark price for all residential homes in Metro Vancouver is currently $1,006,400. This represents an 8.9 per cent decrease over May 2018, a 3.4 per cent decrease over the past six months, and a 0.4 per cent decrease compared to April 2019.
Sales of detached homes in May 2019 reached 913, a 1.4 per cent decrease from the 926 detached sales recorded in May 2018. The benchmark price for a detached home in the region is $1,421,900. This represents an 11.5 per cent decrease from May 2018, a 5.4 per cent decrease over the past six months, and a 0.5 per cent decrease compared to April 2019.
Sales of apartment homes reached 1,246 in May 2019, a 12.9 per cent decrease compared to the 1,431 sales in May 2018. The benchmark price of an apartment property is $664,200. This represents a 7.3 per cent decrease from May 2018, a two per cent decrease over the past six months, and a 0.5 per cent decrease compared to April 2019.
Attached home sales in May 2019 totalled 479, a 0.6 per cent increase compared to the 476 sales in May 2018. The benchmark price of an attached unit is $779,400. This represents a 7.6 per cent decrease from May 2018, a 3.5 per cent decrease over the past six months, and a 0.6 per cent increase compared to April 2019.
Located in the Lower Mainland of British Columbia, Vancouver is the most populous city in the province with more than 600,000 people. Vancouver is a coastal seaport city with some of the warmest year-round temperatures in Canada. It boasts a beautiful landscape of sea and mountains and is a popular place for outdoor and urban enthusiasts.
We know that Canadian’s truly celebrate the liveabililty factors of their neighbourhood – the qualities that give homeowners the true satisfaction of their home within the context of a neighbourhood. In fact a Leger survey conducted by RE/MAX revealed that 89% of Canadians recommend their neighbourhoods to others. Unlike your home, neighbourhoods cannot be changed, so it is important to assess what qualities are important to you before you purchase. Luckily, when it comes to Vancouver, there is a lot of celebrate in terms of liveability.
A survey of RE/MAX Brokers revealed that the best places to live in Vancouver are Main, West End and Kerrisdale rank as the top three neighbourhoods in Vancouver for access to green spaces and parks, walkability, retail and restaurants and the ease of getting around/public transit.
In the same Leger survey, six-in-10 Canadians put easy access to shopping, dining and green spaces at the top of their liveability criteria. Proximity to public transit (36 per cent), work (30 per cent) and to preferred schools (18 per cent), as well as cultural and community centres (18 per cent) fall out of the top five neighbourhood wants and expectations. So how does Vancouver stack up?
If you are searching for the best place to live in Vancouver, Main ranks as the top hidden gem neighbourhood, while Mount Pleasant, Downtown – Vancouver West and Renfrew-Collingwood rank as the top three neighbourhoods for affordability and good supply of housing inventory.
Interested in seeing how Vancouver compares to other cities across Canada? Explore the RE/MAX Liveability Report to learn more about the features Canadians value when it comes to the places they live.
Canadians genuinely celebrate the liveability factors — the qualities that give each homeowner the true satisfaction of his/her home within the context of a neighbourhood — when it comes to choosing a property to buy and live in. In fact, 89 per cent of Canadians would recommend their neighbourhood to others according to a recent RE/MAX survey conducted by Leger. The latest RE/MAX report examined a variety of quality of life factors and how they impact Canadians’ home-buying decisions.
“Housing is often a contentious topic in Canada, with affordability and inventory being persistent problems from coast to coast,” says Christopher Alexander, Executive Vice President, RE/MAX of Ontario-Atlantic Canada. “However, when buyers are looking for a home, the search begins at the neighbourhood level. And the good news is that Canadians have lots of choice when it comes to ‘liveable’ cities and neighbourhoods.”
Six-in-10 Canadians put easy access to shopping, dining and green spaces at the top of their liveability criteria. Proximity to public transit (36 per cent), work (30 per cent) and to preferred schools (18 per cent), as well as cultural and community centres (18 per cent) fall out of the top five neighbourhood wants and expectations.
The proximity and availability of these liveability factors is so important that Canadians spend more than two-thirds of their time in their own neighbourhood. This rate is higher among Baby Boomers compared to Gen Z, Millennial and Gen X Canadians.
“While price and value are always top of mind for buyers, there are some aspects about a home that you can’t change,” says Alexander. “These liveability factors are what make your home more than just the place you live. They are at the heart of the Canadian experience, especially when you consider the survey results.”
RE/MAX brokers were also asked to tap into their neighbourhood expertise and rate their city on each liveability factor.
In the west, Calgary ranked high in seven out of 11 categories, including offering good access to employment opportunities, population growth, housing supply, housing affordability and easy access to bike lanes and/or walking paths. Confederation and Nose Hill Park are two of the most popular parks in the city and the Rotary Mattamy Greenway is the cycling equivalent to the ring road. Inglewood, Hillhurst and Charleswood rank as the top three all-around liveable neighbourhoods. Edmonton also ranked high in access to employment opportunities, number of top rated/preferred schools and easy access to bike lanes and/or walking paths.
“Despite reports of slowing economic conditions and a relatively flat real estate market in Alberta, Calgary and Edmonton shine as beacons of liveability,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “This is a promising sign for any buyers considering a purchase in either city as they continue to develop as liveable cities in their own right.”
Toronto ranked medium for access to green spaces and parks but high for availability of big and small retail stores, population growth and access to healthcare facilities. The neighbourhoods that rated highest for access to green space and parks – Rosedale, Leaside and The Beaches – are also the most expensive. Conversely, Toronto’s most affordable neighbourhoods include parts of Scarborough and East York.
Vancouver ranked medium for availability of big and small retail stores, population growth and housing supply. However, it ranked high in availability of public transit, where the Skytrain and bus system prove exceptional; and walkability, especially in Yaletown. Main, West End and Kerrisdale are the top three all-around liveable neighbourhoods in Vancouver while Mount Pleasant, Downtown and Renfrew-Collingwood are the most affordable.
Other regions include Ottawa, where The Glebe neighbourhood is the best for walkability and public transit; Halifax, where Clayton park boasted high inventory; Hamilton, where Beasley was best for affordability; Winnipeg, where Transcona is a hidden gem neighbourhood; Saskatoon, where Nutana is the all-around best neighbourhood for liveability; and Nanaimo, where Central Nanaimo is best for affordability.
“Liveability encompasses the many intangibles when buying and selling a home than an algorithm will never sufficiently capture. You need word of mouth and the on-the-ground expertise of a REALTOR® who has genuine locale knowledge like few others,” adds Ash.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
