No update from RTB in June.

- Provided by Garret Wong, Upper Edge Property Management

The total number of active MLS listings in May was 4,077 which is up 48% over last year and up 2% over the 5-year average.

The total number of sales in May was 1,514 which is down 12% over last year and down 9% over the 5-year average.

Detached home sales in May were 1,066 which is down 12% over last year and 10% over the 5-year average. The average price this month was $407,982 which is down just barely from $409,286 last month.

- 36.7% of listings sold over asking price

- 7.2% sold at listing price

- 56% sold under asking price

Condominium Sales in May were 223 which is down 13% over the 5-year average and up 2% over the 5-year average. The average price this month was $266,845 which is down 3.2% from last month when the average price was $258,500.

- 14.8% over asking price

- 9.8% sold at listing price

- 75.3% sold under asking price

Absorption rate:

Sellers Marker = 0 - 3.5 months of inventory

Balanced Market = 3.5 - 4.5 months of inventory

Buyers Market = 4.5+ months of inventory

The absorption rate in May 2023 was 2.69 months of inventory which puts in a mild seller's market. Likely because of the most recent interest hike we are going to see a balanced market within the next couple of months!

--Provided Nigel Nolin & Chaymaine Roberts

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