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Metro Vancouver homes sales fall 44 per cent in May, but prices are high as ever

Last Updated Jun 2, 2020 at 11:13 am PDT

A real estate sign is pictured in Vancouver, B.C., Tuesday, June, 12, 2018. THE CANADIAN PRESS Jonathan Hayward
Summary

Home sales in the Greater Vancouver area continued their steep year-over-year drop last month

Real Estate Board of Greater Vancouver says residential sales dropped nearly 44 per cent in May from a year ago

Home prices in the Greater Vancouver area remain steady despite the recession triggered by the COVID-19 pandemic

VANCOUVER — Home sales in the Greater Vancouver area continued their steep year-over-year drop last month amid confinement measures and physical distancing requirements.

The Real Estate Board of Greater Vancouver says residential sales totalled 1,485 in May, a nearly 44 per cent decrease from May 2019 and 54 per cent below the 10-year average for the month.

However, the figures marked a notable increase from 1,109 home sales in April, the lowest total for the month since 1982.

Board chairwoman Colette Gerber says buyers and sellers are becoming more comfortable navigating physical distancing hurdles, with virtual interactions more prominent than ever.

Home prices in the Greater Vancouver area remain steady despite the recession triggered by the COVID-19 pandemic.

The real estate board says residential properties sat at $1.03 million on average in May, virtually unchanged from April and a 2.9 per cent increase compared to May 2019.