Metro Vancouver home sales up ‘modestly’ in May: Real Estate Board of Greater Vancouver

Click to play video: 'Housing sales projected to decline for two years'
Housing sales projected to decline for two years
WATCH: (Aired May 28, 2019) According to the study from Central One Credit Union, the real estate outlook will continue to decline for another two years. Neetu Garcha has the story – May 28, 2019

There was a modest increase in home sales in Metro Vancouver during the month of May, according to the latest figures from the Real Estate Board of Greater Vancouver.

While home sales were up 44 per cent from April, they were down just under seven per cent from May 2018, and the 2,638 sales were the lowest for the month of May since 2000.

The benchmark price for all residential homes was $1,006,400.

That is down 0.4 per cent from April and 3.4 per cent over the past six months. It is also an 8.9 per cent decrease from May 2018.

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“High home prices and mortgage qualification issues created by the federal government’s stress test remain significant factors behind the reduced demand the market is experiencing today,” board president Ashley Smith said.

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