Vancouver Real Estate Market Update, May 2014

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Home buyer demand increases across G.Vancouver housing, May 2014
1. MLS® statistics tell us that there’s more home buyer demand today than at any point over the last three years. Sales-to-active-listings ratio currently sits at 20.4% in G.Vancouver, which is the first time that this measure has been above 20% since June 2011.
2. Total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 16,072, a 3.6 % increase compared to April 2014.
3. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $624,000. This represents a 4.3% increase compared to May 2013.
4. Sales of detached properties in May 2014 reached 1,453, an increase of 19.9% from the 1,212 detached sales recorded in May 2013.
5. Sales of apartment properties reached 1,286 in May 2014, an increase of 13.2% compared to the 1,136 sales in May 2013. The benchmark price of an apartment property increased 3.2% from May 2013 to $377,500.
6. Attached property sales in May 2014 totalled 547, a 2.4 per cent increase compared to the 534 sales in May 2013

CONCLUSION: Home prices have experienced consistent yet modest increases in our region since the beginning of 2013

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