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Home sales in Metro Vancouver jumped 16.4 per cent in May from a year earlier, according to figures compiled by the Canadian Real Estate Association.
That comes at a time when new listings in the region dropped by 35 per cent from a year ago, suggesting inventories are on the way down to pre-recession levels.
It`s a scenario that`s being reported in major markets across Canada, according to Gregory Klump, chief economist with CREA.
"Inventory levels are still high in many markets, but fewer new listings and rising sales activity suggests that the selection of homes available for sale may shrink as the year progresses," Klump said.
"The supply of homes up for sale needs to be drawn down further before average price increases become more widespread among local markets."
The housing market continued to rebound in May with a fourth consecutive increase in monthly sales, according to the CREA.
The Ottawa-based group, which represents about 100 boards across the country, also said the average sale price of a home sold through the multiple listing service reached a new record of $319,757. That was up 0.4 per cent from May 2008, when the previous record was set.
In B.C., however, the average sale price of a home sold through the multiple listing service dropped 2.6 per cent from May of 2008. From January to May, the average sale price in B.C. is down 6.8 per cent. The national average was down 4.5 per cent.
Read the full article here.
That comes at a time when new listings in the region dropped by 35 per cent from a year ago, suggesting inventories are on the way down to pre-recession levels.
It`s a scenario that`s being reported in major markets across Canada, according to Gregory Klump, chief economist with CREA.
"Inventory levels are still high in many markets, but fewer new listings and rising sales activity suggests that the selection of homes available for sale may shrink as the year progresses," Klump said.
"The supply of homes up for sale needs to be drawn down further before average price increases become more widespread among local markets."
The housing market continued to rebound in May with a fourth consecutive increase in monthly sales, according to the CREA.
The Ottawa-based group, which represents about 100 boards across the country, also said the average sale price of a home sold through the multiple listing service reached a new record of $319,757. That was up 0.4 per cent from May 2008, when the previous record was set.
In B.C., however, the average sale price of a home sold through the multiple listing service dropped 2.6 per cent from May of 2008. From January to May, the average sale price in B.C. is down 6.8 per cent. The national average was down 4.5 per cent.
Read the full article here.