Residential property sales in the Metro Vancouver real estate market totalled 2,579 last month. While sales increased by 2.5% from March this year, it’s a 27.4% decrease from April 2017 and 22.5% below the 10-year average for the month. The Real Estate Board of Greater Vancouver credits fewer home buyers and more home sellers for recent activity.
“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,” said REBGV president, Phil Moore. “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.”
Read on for the market breakdown.
Total Homes Listed for Sale (detached, attached, and apartment): 9,822
25.7% increase from April 2017
17.2% increase from March 2018
New Property Listings (detached, attached, and apartment): 5,820
18.6% increase from April 2017
30.8% increase from March 2018
Sales-to-Active Listings Ratio: 26.3%
Benchmark price for all properties is $1,092,000
14.3% increase from April 2017
0.7% increase from March 2018
Benchmark price for a detached property is $1,605,800
5.1% increase from April 2017
0.2% decrease from March 2018
Detached property sales totaled 807
33.4% decrease from April 2017
Benchmark price for an apartment property is $701,000
23.7% increase from April 2017
1.1% increase from March 2018
Apartment property sales totaled 1,308
24% decrease from April 2017
Benchmark price for an attached unit is $854,200
17.7% increase from April 2017
2.3% increase from March 2018
Attached property sales totaled 464
25.2% decrease from April 2017
If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons.
What does this mean for you? If you’re a home buyer, it could mean a larger selection of properties to choose from and more time for decision-making with less competition. If you’re a home seller, it means ensuring your home is in the best possible condition for a sale. Read up on our tips for increasing your home’s curb appeal, and how to stage for success in the market. In doubt? Call us for a consultation today!
*REBGV Editor’s 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.
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