Vancouver home sales last month were 22.5% below 10-year April average, with fewer home buyers and more home sellers on the market.
Those are the latest findings from Real Estate Board of Greater Vancouver (REBGV), in a report released today.
In total, the REBGV said that residential property sales in the region were 2,579 in April 2018 – a 27.4% decrease from the 3,553 sales recorded in April 2017, but a 2.5% increase compared to March 2018 when 2,517 homes sold.
“Market conditions are changing,” said REBGV Phil Moore. “Home sales declined in our region last month to a 17-year April low and home sellers have become more active than we’ve seen in the past three years.”
Moore added that mortgage requirements that the federal government implemented this year have, among other factors, “diminished home buyers’ purchasing power.”
In total, there were 5,820 detached, attached, and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver last month.
This represents an 18.6% increase compared to the 4,907 homes listed in April 2017 and a 30.8% increase compared to March 2018 when 4,450 homes were listed.
The total number of properties currently listed for sale on the MLS system in Metro Vancouver is 9,822 – a 25.7% increase compared to April 2017 (7,813) and a 17.2% increase compared to March 2018 (8,380).
“Home buyers have more breathing room this spring,” said Moore. “They have more selection to choose from and less demand to compete against.”
The MLS composite benchmark price for all residential properties in Metro Vancouver is currently $1,092,000. This represents a 14.3% increase over April 2017 and a 0.7% increase compared to March 2018.
Sales of detached properties in April 2018 reached 807 – a 33.4% decrease from the 1,211 detached sales recorded in April 2017.
The benchmark price for detached properties is $1,605,800, which equals a 5.1% increase from April 2017 and a 0.2 % decrease compared to March 2018.
Sales of apartment properties reached 1,308 in April 2018, which equals aa 24% decrease from the 1,722 sales in April 2017.
The benchmark price of an apartment property is $701,000. This represents a 23.7% increase from April 2017 and a 1.1% increase compared to March 2018.
Attached property sales in April 2018 totalled 464. This is a 25.2% decrease compared to the 620 sales in April 2017.
The benchmark price of an attached unit is $854,200. This represents a 17.7% increase from April 2017 and a 2.3% increase compared to March 2018.