Metro Vancouver home prices stable despite pandemic

Home prices remained steady across Metro Vancouver in May but data from the Greater Vancouver Real Estate Board shows sales see-sawed as the COVID-19 pandemic affects the market.

A statement from the board says the composite benchmark price for all residential properties in Vancouver is just over one-million dollars -- virtually unchanged since April and up nearly three percent since May 2019.

But the board says sales last month were 54 per cent below the 10-year May sales average and plunged almost 44 per cent compared with May of last year, but jumped 34 per cent since April.

The board says this confirms buyers and sellers are growing more comfortable with COVID-19-related safety measures, and it also says the ratio of sales compared to active listings remains above 12 per cent for all property types -- which is the level that tends to keep prices from dipping.