Has Vancouver’s housing market hit bottom?

Prices continue to drop in the Vancouver market.

Sales declines in Vancouver’s beaten-up resale housing market may finally be cresting, but recovery in the sector has a long way to go.

The Real Estate Board of Greater Vancouver said they were 2,882 sales in May, a 1% increase from a year ago and a 9.7% jump from April. But sales are still 19.4% below the 10-year average for the month.

“We’ve seen some steadying trends over the last three months,” said Sandra Wyant, REBGV president, in a release. “The number of homes listed for sale has been keeping pace with the number of property sales, leading to a balanced sales-to-listings ratio. This is having a stabilizing influence on home price activity.”

New listings also continue to drop with May numbers 7.4% below the 10-year average. New listings for detached, attached and apartment properties in Greater Vancouver were 5,656 in May, an 18.3% decline from a year ago and 3.7% drop from April.

Total listings in the Greater Vancouver area were 17,222, a 3.4% drop from a year ago. Listings were up 2.9% from April.

Prices continue to drop in the market. The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver was $598,400, a 4.3% decline from a year. Prices remain up 1.8% from January, 2013.

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