Greater Vancouver home sales drop in April, still above 10-year average
Posted May 3, 2022 9:48 am.
Home sales around the Greater Vancouver area fell off a cliff last month compared to the year before.
According to the Real Estate Board of Greater Vancouver (REBGV), the number of homes sold dropped by almost 35 per cent in April 2022 compared to the same month in 2021.
However, sales were still above the 10-year average, by 1.5 per cent.
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The REBGV says the slow down is good news for people who want to get into the market because it gives them more time to do things like get financing in order and do their due diligence, like getting inspections.
“So far this spring, we’ve seen home sales ease down from the record-breaking pace of the last year,” REBGV Chair Daniel John said.
“While a small sample size, the return to a more traditional pace of home sales that we’ve experienced over the last two months provides hopeful home buyers more time to make decisions.”
The total number of homes listed on the MLS around the region is just under 8,800, representing a decrease of about 14 per cent from April 2021, when there were more than 10,000 listings. Meanwhile, it also represents an increase of about 15 per cent from March of this year.
The slowdown came just one month after the Bank of Canada raised its key interest rate for the first time in over two years, due to the COVID-19 pandemic. It is currently at 1 per cent after an increase in April.
It’s unclear how much of the drop in sales was due to that change, though experts have said the move would likely affect real estate markets across the country.
The board covers Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Richmond, South Delta, Squamish, the Sunshine Coast, Vancouver, West Vancouver, and Whistler.
According to the MLS® Home Price Index, the composite benchmark price for all residential properties in the region is $1,374,500.
