The Lenfesty Report, June 2016
Home sales in May, at 35.3% above the 10year average, set another new record: 4,769 homes were sold (39% detached, 16% attached and 45% apartments).
The total number of listings available in Greater Vancouver at the end of May was 7,726. That’s 37% lower than at the same time last year – but the reasonit’s lower is because demand and sales are so high.
We actually have more new listings each month than we usually see, but they are selling so fast that the inventory of listings for sale at any given time can barely keep up to demand.
Not surprisingly when demand so outstrips supply, prices get bid upwards and we are experiencing that too.
In spite of all the new construction across the region, rental vacancies remain stubbornly low and buyer demand continues to soar.
READ MORE OF THE JUNE ISSUE OF THE LENFESTY REPORT