Home shoppers in Metro Vancouver likely saw a more normal pace to the market in April as trends “returned to more historically typical levels,” last month.
According to the most recent insights from the Real Estate Board of Greater Vancouver (REBGV), home sales in the Vancouver region returned to more traditional levels in April, a change that likely provided welcome respite for homebuyers.
“So far this spring, we’ve seen home sales ease down from the record-breaking pace of the last year,” said REBGV’s chair, Daniel John, in the most recent market report.
“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, secure financing and perform other due diligence such as home inspections,” he added.
Here’s what we know about the April housing market based on the most recent information from REBGV.
Property sales fall from March and 2021 levels
Last month, Metro Vancouver recorded 3,232 residential home sales. This marks a 34.1 per cent decrease from the 4,908 sales that were transacted during April 2021. Month-to-month, property sales were down 25.6 per cent from March’s levels, when 4,344 homes were bought and sold. However, last month’s sales were 1.5 per cent above the region’s 10-year April sales average.
By property type, apartments accounted for the majority of homes sold, with 1,692 transactions logged in April. This is a 26.1 per cent drop compared to the 2,289 apartments that traded hands in the same month last year.
For detached and attached properties, 962 and 578 sales took place in April, a 41.9 per cent and 40 per cent decline from last year.
Fewer properties added to market in April
As home sales fell in April, so did the number of new listings hitting Vancouver’s marketplace.
Last month, 6,107 detached, attached and apartment properties were brought online for sale on Metro Vancouver’s MLS system. Compared to last year, this is a 23.1 per cent decrease — or more than 1,800 properties fewer — than the 7,938 homes that were put on the market during April 2021.
On a monthly basis, the quantity of new properties fell 8.5 per cent from March’s 6,673 newly-listed homes.
Currently, there are a total of 8,796 homes available for sale on MLS in Metro Vancouver. Compared to last year, this is 14.1 per cent less when there were 10,245 homes available. Yet, in contrast to March, there are more homes on the market overall, up 15.3 per cent from 7,628 available listings.
For all property types, the sales-to-active listings ratio for April 2022 in Metro Vancouver is 36.7 per cent. By property type, the ratio is 25.3 per cent for detached homes, 47.1 per cent for townhomes and 45 per cent for apartments.
Average residential price rises to $1.37 million
Metro Vancouver homebuyers will have to fork over more cash to pay for the average home in the region.
In April, the MLS Home Price Index composite benchmark price for all residential properties rose 18.9 per cent annually and one per cent monthly to $1,374,500.
Attached homes reported the biggest increase in its benchmark price during April, which grew 25 per cent annually and 1.1 per cent monthly to $1,150,500. Detached homes currently cost the most compared to other Vancouver property types, with a benchmark price of $2,139,200, up 20.8 per cent yearly and one per cent month-over-month.
For apartment homes, the benchmark price increased 1.1 per cent from March and 16 per cent from April 2021 to $844,700.
