May 2024 overview of housing market activity in Metro Vancouver

May 2024 overview of housing market activity in Metro Vancouver

A culmination of factors, from higher borrowing costs, to worries about the economy, to policy interventions imposed by various levels of Government, are influencing Buyers and Sellers today.



The number of transactions on the Multiple Listing Service® (MLS®) declined in May compared to what is typical for this time of year in Metro Vancouver. This shift has allowed the inventory of homes available for sale to continue to accumulate with over 13,000 homes now actively listed on the MLS® in the region.
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After a turbulent first half of the year, home sales registered on the MLS® across Metro Vancouver are showing emerging signs of a recovery, down ten per cent year-over-year – halving the decline seen last month.

Phil Chang
Personal Real Estate Corporation
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“From a historical perspective, the slower sales we’re now seeing stand out as unusual, particularly against a backdrop of significantly improved borrowing conditions, which typically helps to boost sales,”

Phil Chang
Personal Real Estate Corporation
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May saw inventory levels across Metro Vancouver reach another ten-year high, while home sales registered on the MLS® remained muted. 

Phil Chang
Personal Real Estate Corporation