Vancouver residential real estate sales up in May: REBGV

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VANCOUVER (NEWS1130) – Vancouver’s residential real estate sales heated up in May and pushed the region closer to a seller’s market.

An industry group says sales rose 14 per cent from a year earlier to 2,882, which is eight per cent higher than the previous month.

The sales-to-listing ratio sits at 20 per cent, the highest since June 2011, according to the Real Estate Board of Greater Vancouver, as more people put their homes on the market to take advantage of rising prices.

Board president Ray Harris says “there’s more home buyer demand today than at any point over the last three years.”

“This is the most active marketplace we’ve seen since the spring of 2011,” he adds.

Despite an average adjusted price of $966,000, sales of detached homes soared 20 per cent from a year earlier. The overall adjusted average price of a home was $624,000, up 4.3 per cent.

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