May home sales were down nearly 44 per cent in Greater Vancouver compared to May 2019 and more than 54 per cent below the 10-year May average, according to a monthly report from the Real Estate Board of Greater Vancouver.
There were 1,485 residential home sales recorded in the region last month, which the REBGV says represented a 43.7 per cent decrease from the 2,638 recorded in the same month last year.
Greater Vancouver home sales down 44% compared to last May
Despite the year-over-year plummet, Metro Vancouver home sales were up 33.9 per cent from the 1,109 homes sold in April.
REBGV chair Colette Gerber says agents and buyers are becoming more comfortable operating within the strict physical distancing requirements implemented in March by B.C. health officials to slow the spread of the novel coronavirus.
“Home buyers and sellers are working with their realtors to use new tools to complete different stages of the real estate transaction virtually,” Gerber said. “When in-person interactions are necessary, we’re working with our clients to follow the physical distancing requirements set out by WorkSafeBC and the provincial health officer.”
The lack of activity hasn’t had much impact on home prices which have remained stable during the COVID-19 pandemic. May’s benchmark price for Greater Vancouver homes was $1,028,400, up 1.4 per cent over the past three months and 2.9 compared to May 2019.
The real estate board said the total number of Metro Vancouver homes currently listed for sale on the MLS system is 9,927, a 32.4 per cent decrease compared to last May.