Home sales in Metro Vancouver saw a steep drop in April 2022 compared to April 2021, with the Real Estate Board of Greater Vancouver (REBGV) reporting that 3,232 homes were sold.
To put that number into perspective and highlight how bustling the market was last year, in April 2021, 4,908 homes were sold. Year to year, that represents a 34.1% drop in sales.
It’s also a decrease from March 2022, when there were 4,344 homes sold in Metro Vancouver.
“Last month’s sales were 1.5 per cent above the 10-year April sales average,” according to REBGV.
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REBGV calls the trend a return to more “historically typical levels” for April.
One of the main problems that many analysts and experts have pointed to when it comes to why housing is so expensive in Vancouver is too much demand and too little supply. Demand being lower for one month won’t do much to nudge the issue of housing affordability in the region.
This is exemplified in the report, with the residential average sale price of a detached home reaching an all-time high.
The report also notes that the MLS Home Price Index composite benchmark price for all Metro Vancouver residential properties increased 1% compared to March 2022 and 18.9% compared to April 2021.
“Over the last two months, we’ve seen home sales ease down from the record-breaking pace of the last year. While still a small sample size, the return to a more traditional pace of home sales that we’ve experienced so far this spring provides hopeful home buyers more time to make decisions, secure financing and perform other due diligence such as home inspections,” said REBGV Chair Daniel John in a statement.
Listings also saw a drop.
There were 6,107 properties listed for sale via MLS in April. That’s a 23.1% drop compared to the nearly 8,000 homes (7,938) listed in April of last year. It also makes an 8.5% decrease compared to March 2022.
April 2022 Metro Vancouver home sales stats: REBGV
- Detached homes
- Number of units sold: 962 (1,291 in March 2022)
- Active listings: 3,806 (3,330 in March 2022)
- Benchmark price: $2,139,200 ($2,118,600 in March 2022)
- Average days on market: 21
- Apartment homes
- Number of units sold: 1,692 (2,310 in March 2022)
- Active listings: 3,762 (3,285 in March 2022)
- Benchmark price: $835,500 ($844,700 in March 2022)
- Average days on market: 17
- Townhouse sales
- Number of units sold: 743 (743 in March 2022)
- Active listings: 1,228 (1,013 in March 2022)
- Benchmark price: $1,150,500 ($1,138,300 in March 2022)
- Average days on market: 13