Vancouver’s April home sales down 16.5% from a year ago: board

The Real Estate Board of Greater Vancouver says April home sales slid 16.5 per cent from a year ago as new listings remained below historical norms.

The B.C. board says sales for the month totalled 2,741, almost 16 per cent below the 10-year seasonal average.

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The composite benchmark price for all residential properties in Metro Vancouver hit $1,170,700 last month, down 7.4 per cent from a year ago but up 2.4 per cent from March.

There were 4,307 new listings last month, a 29.7 per cent decrease when compared with the prior April, and a 22 per cent drop from the 10-year seasonal average of 5,525.

The board saw the numbers as a sign that home sales are staging a comeback and headed toward levels seen last spring before eight consecutive interest rate hikes were carried out.

The rate hikes eroded buying power and sent buyers to the sidelines, but the board believes a shift is underway.