Don's Greater Vancouver Real Estate Market Report

Vancouver Real Estate board overall

Single family houses sales for May totalled 1184 with the average sale price of $1,073,311. This 24% decrease in number of sales and a 12% decrease in average price over last year same time period (May) . Townhouse sales for May totalled 517 with an average sale price of S551,083. This is a 10% decrease in the number of sales and no change in average price over the same time period last year (May). CondominiumsMay sales totalled 1156 with the average sale price of $461,410. This a 5% decrease in number of sales and no change in average price over the same time period last year (May).

Total of all types for May was 2857 sales with an average sale price of $731,221. This is a 15% decrease in number of sales and a 12% decrease in average price over May last year.

The volume of sales overall continues to decrease substantially over the same month of the previous year. The Vancouver Real Estate Board sales volume year to date is down by 18% and year to date average sales price is down 5%. The number of active listings is 21% higher this May compared to last May. Increased inventory and reduced demand will put downward pressure on prices generally in the lower mainland.

Local Maple Ridge

Single family houses May sales totalled 123 with the average sale price of $517,761. This a 48% increase in number of sales and a 1% decrease in average price compared to May last year. Townhouse May sales totalled 38 with an average sale price $300,866. This is a 34% decrease in the number of sales and a 2% decrease in average price compared to last May. CondominiumsMay sales totalled 17 with the average sale price of $179,923. This 6% increase in number of sales and a 14% decrease in price over last May.

Total of all types of sales for May was 178 with an average sale price of $439,192. This is a 13% increase in number of sales and a 5% increase in average price over last February.

** Note - Our local housing market volume is down by 7% year to date over 2011 and average year to date prices have increased by 4%. The United States has indicated their rates will remain unchanged until 2014. Our rates will likely follow theirs. Global financial uncertainty will continue to affect our market .

The number of properties on the market in Maple Ridge is similar to last year and our prices are virtually unchanged in the last 2 years.

For more detail just call 604-466-4549 or email pearceteam@telus.net .

Prime Rate remains stable at 3% with term variable rate mortgages at 2.8% - A $300,000 mortgage at 2.8% for 30 years is $1230 month. Fixed term mortgages are available below 3.25% with some places offering as low as $3.19% for a 5 year fixed.