REBGV Residential Market Update for April



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