The Metro Vancouver housing market saw fewer home buyers and more home sellers in April. Home sales declined to a 17-year April-low! Conditions are constantly changing. Home sellers have been much more active than the past 3 years. Among so many changing factors, the Mortgage requirements that the federal government implemented has significantly diminished home buyers’ purchasing power
Statistics:
- The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,092,000.
- 14.3% increase compared to April 2017
- 0.7% increase compared to March 2018
- 2,579 home sales in April
- 27% decline compared to April 2017
- 22% lower than the 10-year April average
- 5,820 New Listings in April since last year
- 18.6% increase compared to April 2017
- 30.8% increase compared to March 2018
- 9,822 properties currently listed for sale on the MLS® system in Metro Vancouver
- 25.7% increase compared to April 2017
- 17.2% increase compared to March 2018
Sales-to-Active Listings Ratio:
- 26.3% for all property types
- 19% below last April compared to April 2017
- 14% for Single Family Homes (Approaching Buyer’s Market)
- 36% for Townhomes (Seller’s Market)
- 46% for Condos (Seller’s Market)
PRICE:
- 5% Increase compared to April 2017 for Single Family Homes
- 24% Increase compared to April 2017 for Townhomes
- 18% Increase compared to April 2017 for Condos
SALE:
- 33.4% Increase compared to April 2017 for Single Family Homes
- 24% Decrease compared to April 2017 for Townhomes
- 25.2% Decrease compared to April 2017 for Condos
Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
Source: REBGV's President, Phil Moore