A total of 2,579 homes were sold across the Metro Vancouver region in April, according to new data from the Real Estate Board of Greater Vancouver (REBGV), which is a drop of 27.4 per cent compared with the 3,553 sales in the same month last year.
The number of sales is 22.5 per cent lower than the 10-year average for April.
REBGV president Phil Moore said the numbers reflect the fact that 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,” he said.
“The mortgage requirements that the federal government implemented this year have, among other factors, diminished homebuyers’ purchasing power, and they are being felt on the buyer side today.”
The total number of listings on the Multiple Listing Service has increased 25.7 per cent year-over-year, reaching 9,822.
“Home buyers have more breathing room this spring,” Moore said. “They have more selection to choose from and less demand to compete against.”
Unit sales were down across all property types. Detached home sales were down 33.4 per cent compared with April 2017, apartment sales dropped 24% and attached property sales fell 25.2 per cent.
Meanwhile, prices increased for all home types. The benchmark price for a detached home increased 5.1 per cent to $1,605,800. For apartments, the benchmark increased 23.7 per cent to $701,000 and attached home prices increased 17.7 per cent to $854,200.