Vancouver Condo Prices Continue to Rise in May
The Vancouver condo market shows little sign of slowing down. This is something I also mentioned in last months report (Vancouver Condo Report April 2017). The sales/actives ratios has set all time records for certain areas of Vancouver, amidst strong sales and collapsing inventory. As always, let’s break down the sales, listings, and prices below.
Vancouver Condo Sales
Vancouver condo sales fell by 8% year over year, but remained 22% above the 10 year average for the month of May. First time buyers and local investors are aggressively competing in multiple offers.
New Listings/ Inventory Levels
Vancouver condo new listings dropped 1% year over year and sat 16% below the 10 year average. Although new listing numbers could be worse, they have not been able to keep up with the ferocious demand.
The even bigger story is what a combination of below average new listings and a surge of sales has done to overall inventory levels. The imbalance between the two has created the lowest inventory levels on record. Vancouver condo inventory dropped 22% year over year.
Vancouver Condo Prices
Condo prices continued to rise in May. I’ve included the average price per square foot for each area in the link below. Click Here To Access Prices
The Vancouver condo market remains red hot. With the sales/actives ratio currently sitting at 80% it’s hard to see prices coming down anytime soon. That, coupled with historic low inventory levels means it could take awhile to recover and enter a more balanced market. Unless of course we see some sort of outside shock to the market, including further government intervention.