Estimated MLS low rise sales in May were 440 units. This up slightly from April but year-to-date sales are pretty much the same as they were last year at this time. Burnaby was the only market to show any significant increase in MLS low rise sales in May.
Average selling price for MLS low rise condos in May was $322,000 or $365 per square foot. The trend for average MLS low rise prices has been relatively flat for the last year, running between $315,000 and $335,000. The average selling price in May was down 3% from 12 months ago.
Over the past three months units under 600 square feet made up only about 7% of MLS low rise sales. However, our analysis indicates that demand for small low rise units is being constrained by limited listings. If more product were available, sales of under 600 square foot low rise units could make up about 17% of total low rise sales.