Sales of homes in Metro Vancouver saw a slight rise month-over-month in April, up 2.5% to 2,579; but the number is down sharply from a year earlier.
Figures from the Real Estate Board of Greater Vancouver show that sales were down 27.4% year-over-year and 22.5% below the 10-year average for April.
“Market conditions are changing. 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,” Phil Moore, REBGV president said. “The mortgage requirements that the federal government implemented this year have, among other factors, diminished home buyers’ purchasing power and they’re being felt on the buyer side today.”
While sales were down, new listings increased more than 18% from a year earlier and 30% from March - with 5,820 detached, attached, and apartment properties listed on the MLS last month.
Inventory was 25.7% up year-over-year with 9,822 available homes.
Prices remain elevated
Despite weaker sales and greater choice for homebuyers, prices in Metro Vancouver are still rising.
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,092,000, up 14.3% since April 2017 and a 0.7% increase compared to March 2018.