17.16°C Vancouver

Jun 2, 2021 9:36 PM -

4,268 homes changed hands across the region last month, a 13% drop compared with April

Share On
4-268-homes-changed-hands-across-the-region-last-month-a-13-drop-compared-with-april
The super-heated housing market in Metro Vancouver cooled slightly in May but the Greater Vancouver Real Estate Board says sales still remained active. (Photo - REBGV)

The super-heated housing market in Metro Vancouver cooled slightly in May but the Greater Vancouver Real Estate Board says sales still remained active.

A statement from the board says 4,268 homes changed hands across the region last month, a 13 per cent drop compared with April.

While May didn't match record-breaking activity seen earlier in the spring, the board says transactions were still 187.4 per cent higher than those recorded in May last year during the pandemic shutdown.

Sales last month were 27.7 per cent above the 10-year sales average for May and the board says listing activity also remained above the long-term average.

The board's economist Keith Stewart says the less intense market means home sellers must work with their agents to ensure property prices are based on current market conditions.

The benchmark price for a detached home is just over $1.8 million, a 22.8 per cent year-over-year increase and a 1.7 per cent lift since April, while Stewart says condo and townhome prices nudged up 1.2 and 1.8 per cent, respectively, in April.

Analysts will also be gauging the revised mortgage stress test that reduces maximum borrowing amounts by approximately 4.5 per cent and are watching average five-year fixed mortgage rates as they climb over two per cent for the first time this year, Stewart says.

"We’ll pay close attention to these factors leading into the summer to understand what affect they’ll have on the current market cycle," he says in the statement.

Stewart says the seller’s market continues, with board data showing the number of sales to listings remains between 30 and 53 per cent for all types of properties, far above the 12 per cent ratio that generally leads to a dip in prices.

This highlights the need to increase the amount and type of housing available in Metro Vancouver, he says.

"Doing this requires a more disciplined focus on planning, reducing building costs, understanding demographic changes, and expediting the building approval process," says Stewart.

Latest news

anand-set-to-host-fellow-g7-foreign-ministers-in-november-near-niagara-falls
CanadaOct 03, 2025

G7 Foreign Ministers to Meet in Niagara Region Next Month for Security and Economic Talks

Canada will host foreign ministers from the Group of Seven nations next month for two days of high-level discussions on global security and economic resilience. The meetings, scheduled for November 11 and 12, will take place in Ontario’s Niagara Region. Foreign Affairs Minister Anita Anand will chair the session, welcoming her counterparts from France, Germany, Italy, Japan, the United Kingdom, the United States, and representatives of the European Union. The gathering follows a ministerial meeting held in Quebec earlier this year and the G7 leaders’ summit in Alberta in June. Global Affai
police-first-responders-scramble-to-help-woman-give-birth-on-victoria-waterfront
BCOct 03, 2025

Police, first responders scramble to help woman give birth on Victoria waterfront

Emergency responders in Victoria, B.C., had to rush into action to support a woman giving birth on Wharf Street, along the city's busy waterfront area. Victoria police say an officer and St. John Ambulance members were working at a local event on Sept. 20 when a passerby notified them of a woman in labour. Police say the officer and other responders found the woman who was in active labour and helped support her along with other members of the public. The newborn was delivered before paramedics could arrive. Police say the baby appeared healthy while being cared for by emergency responders, al
b-c-public-workers-expand-pickets-again-to-more-liquor-cannabis-retail-stores
BCOct 03, 2025

B.C. public workers expand pickets again to more liquor, cannabis retail stores

Striking public service workers in British Columbia have expanded pickets at provincial liquor and cannabis stores again, adding 20 more locations to the list. The B.C. General Employees’ Union says the escalation also includes job action by front-line staff at several ministry offices. It says more than 17,000 public service workers are now taking job action across the province, which is half the 34,000 workers represented by the union. Union president Paul Finch says in a statement that every day the government delays, pressure on public services will grow, and it will continue to step up
kapil-sharmas-kaps-cafe-reopens-in-canada
BCOct 03, 2025

Kap's Cafe reopens again after second shooting incident

Kap's Cafe, which was the target of two shootings in Surrey, has reopened again. The cafe was closed for about 10 days after the first shooting on July 10. Kapil Sharma had initially shared a post about the cafe's reopening, but within weeks of reopening in July, the cafe was again the target of a shooting in early August. The cafe reopened again on October 1, the Connect FM team reached the cafe on Thursday (Oct. 2nd) and tried to get comments from the cafe manager. The manager denied any comment on camera and said that the management had refused to provide any official information. At aroun
schools-set-to-close-as-alberta-provides-online-curriculum-ahead-of-teachers-strike
AlbertaOct 03, 2025

Schools set to close as Alberta provides online curriculum ahead of teachers strike

Schools across Alberta are preparing to close their doors while the province readies a home curriculum for students ahead of Monday's provincewide teachers strike. Education Minister Demetrios Nicolaides says the province has already put online a curriculum that parents can use to teach their children should the 51,000 members of the Alberta Teachers' Association make good on their promise to walk out. Nicolaides says it's not fair that students would be forced to bear the brunt of the walkout, which would affect more than 700,000 students across public, separate and francophone sch

Related News