At the same time, new listings remained below historical norms
Reflecting the recent market ennui that came about as a result of elevated interest rates, Vancouver saw its April home sales drop by 16.5% on an annual basis, according to the region’s premier housing industry association.
Latest data from the Real Estate Board of Greater Vancouver showed that a total of 2,741 residential transactions took place in the region last month, a significant drop from the 3,281 sales recorded in April 2022 and 15.6% below the 10-year seasonal average for the month (3,249 sales).
At the same time, new listings remained below historical norms. The region saw 4,307 homes newly listed for sale in April, down by 29.7% annually and 22% below the 10-year seasonal average.
Total active listings stood at 8,790 homes, down by 4.2% from April 2022 and 20.9% below the 10-year seasonal average (11,117), the REBGV said.
The composite benchmark price across all residential asset classes in Metro Vancouver went down by 7.4% year over year to settle at a little below $1.171 million. However, this was also 2.3% increase over March 2023 levels.
"The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” said Andrew Lis, director of economics and data analytics at the REBGV.
“The latest MLS [home price index] data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The year is far from over, however, and it remains to be seen if these price increases will be sustained into 2024.”
