Home sales across BC have slumped further in May after seeing a steep decline in April 2022.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,918 in May 2022, a 31.6 per cent decrease from the 4,268 sales recorded in May 2021, and a 9.7 per cent decrease from the 3,232 homes sold in April 2022.
There were 6,377 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2022. This represents a 10.5 per cent decrease compared to the 7,125 homes listed in May 2021 and a 4.4 per cent increase compared to April 2022 when 6,107 homes were listed.
On the other hand in Fraser Valley sales of all property types in May were 1,360, down 16.9 per cent from April’s 1,637; and down 53.9 per cent compared to May of 2021.
According to HouseSigma, an leading online platform that utilizes artificial intelligence technology to correctly estimate Canadian home values in real time, the median sold price of all property types in Greater Vancouver for May stands at $922K, which is down 12.11% since February.