Home sales in Vancouver, British Columbia fell 32% in May from a year earlier as rising interest
rates cool off the West Coast market.
A statement from the Real Estate Board of Greater Vancouver said 2,918 sales took place
across Metro Vancouver in May, nearly 32% below May 2021 and 9.7% below the number of
residential properties that changed hands in April of this year.
The board also said that May sales were 12.9% below the 10-year sales average, while the
number of properties listed for sale in May was up just 4% compared with the previous month.
The composite benchmark price for all residential properties in Metro Vancouver was
$1,261,100, a 14.7% increase compared to May 2021 and a 0.3% decrease compared to April
this year.
