Pent up demand and increased inventory selection brought sales up 44.2% from April to May 2019.  Prices still remain high, but down year over year 7-10% across the city in most markets. 

VANCOUVER BOARD

• Demand for housing increased 44.2% from April to May 2019.  Year over year sales are down almost 6.9%, and 22.9% below the 10 year average. 

• New listings from April to May increased 2.1%, down 8.1% from May 2018, but overall inventory is up 30% year over year. 

• The sale-to-active-listings ratio is 18% - a balanced market for condos, townhouses, and detached properties. 

• Detached prices are down about 11.5% from a year ago, with condos and townhouses down about 7.5%.

FRASER VALLEY BOARD

• Sales were up 9.7% over April 2019 but down 13.7% from May 2018. 

• Year over year, inventory is up almost 26.3%.

• A sales-to-active listings ratio of about 17.8% indicates that the Fraser Valley Market is balanced. 

• Detached prices are down 5.5%, townhouses up 0.1%, and condos down 8%.

Experts blame regulation, and in particular the mortgage stress test for the slow down, which has reduced  buyer's purchasing power on the entry level side of the of the market about 20%.

The largest 1 month jobs gain in Stats Canada history (since 1976) was posted in April 2019  with 106,500 new jobs, easing recession concerns from earlier this year.  The BOC held the overnight rate at 1.75%.  US talks of a rate decrease had a positive market effect this week- expect Canada to follow suit.