High demand, low inventory equals record housing sales in Greater Vancouver

VANCOUVER – The Real Estate Board of Greater Vancouver says May was another record-breaking month for housing sales in the region, with sellers continuing to rule the market.

The board says homes are selling at an unprecedented rate in communities across the region stretching from Whistler to South Delta.

It says sales last month were 35 per cent above the 10-year sales average for May and rank as the highest sales total on record for that month.

Board president Dan Morrison says demand from home buyers is fuelling the market, along with the area’s economic and job growth numbers compared to most of Canada.

The board says the benchmark price for detached properties increased to over $1.5 million, a nearly 37 per cent jump from May 2015.

The British Columbia Real Estate Association says record housing demand has depleted inventories in many urban areas, pushing home prices even higher.