Vancouver Housing Market Stats May. 2021
Vancouver Housing Market Stats May. 2021: housing market in Vancouver might switch back to normal?
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 4,268 in May 2021, a 187.4 % increase from the 1,485 sales recorded in May 2020, and a 13% decrease from the 4,908 homes sold in April 2021.
Sales are 27.7% above the 10-years sales rate
Let’s take a look at the sales-to-active listings ratio:
- 29.8% for detached homes
- 53.8% for townhomes
- 43.5% for apartments
While we are using the current month’s sales-to-active rate compare with March’s. We can see a significant drop; back to March, the rate shown as below:
- 52.9% for detached homes
- 79.9% for townhomes
- 65.4% for apartments
Almost 20% for each type of property.
What’s going on??? Property prices are way too high.
“With sales easing down from record peaks, a revised mortgage stress test that reduces the maximum borrowing amounts by approximately 4.5 percent, and the average five-year fixed mortgage rates climbing back over two percent since the beginning of 2021, we’ll pay close attention to these factors leading into the summer to understand what affect they’ll have on the current market cycle,” Stewart said.
