The Greater Vancouver stats are looking good. Even though the inventory is growing, the prices are still showing (moderate) increases.
GVRD BENCHMARK PRICE- UP 3.3% from May 2011. Up 2.4% over the last 3 months. Currently at $625,100
The benchmark price for detached properties increased 5.1% from May 2011. Currently at $967,500.
The benchmark price of an apartment property increased 1.7% from March 2011 to $379,700.
The benchmark price of a townhome unit increased 0.9%from March 2011 to $470,000.
TOTAL LISTINGS: UP
At 17,835,, the total number of residential property listings on MLS(R) increased 21% from this time last year.
Total sales in greater Vancouver reached 2,853 - 15.5% down from May 2011.
NEW LISTINGS: UP
At 6,927, 16.8% increase from May 2011 which were 6,056.
DAYS ON MARKET:
Condos & Townhomes - 29
Detached homes - 22
% of ORIGINAL PRICE:
All properties sold within 96-99% of original price.
CURRENT INTEREST RATES:
3 Year Closed 2.99%
5 Year Closed 3.29%
The above stats are courtesy of the Real Estate Board of Greater Vancouver; May 2012.