For the first time since June 2011, the sales-to-active listings ratio exceeded 20 per cent.
What does this mean?
"Based on MLS activity, it appears that today's market is stronger than at any point over the last three years," Ray Harris, Board president said.
Balanced market conditions are said to occur when the ratio sits between 10 and 20 per cent for an extended period of time. A seller's market occurs when the ratio sits above 20 per cent for an extended period of time. We are on the cusp between a balanced market and a seller's market.
What does that mean for home prices?
Over the last 18 months, Greater Vancouver has seen a gradual increase in prices of around 6 per cent.
The bottom line is that this is our strongest start to the year since 2011, which is a great sign as we head into the second half of the year.