Vancouver real estate: Drop in sales last month, but market still considered hot

 Vancouver real estate: Drop in sales last month, but market still considered hot

VANCOUVER —
The super-heated housing market in Metro Vancouver cooled slightly in May but the Greater Vancouver Real Estate Board says sales still remained active.

A statement from the board says 4,268 homes changed hands across the region last month, a 13 per cent drop compared with April.

While May didn’t match record-breaking activity seen earlier in the spring, the board says transactions were still 187.4 per cent higher than those recorded in May last year during the pandemic shutdown.

Sales last month were 27.7 per cent above the 10-year sales average for May and the board says listing activity also remained above the long-term average.

The board’s economist Keith Stewart says the less intense market means home sellers must work with their agents to ensure property prices are based on current market conditions.

The benchmark price for a detached home is just over $1.8 million, a 22.8 per cent…

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