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The 2,579 April sales record represents a 5.9 per cent increase from the 1,727 homes sold in March 2019


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Shared on May 3rd, 2019

VANCOUVER, BC – May 2, 2019 – Decreased demand continues to allow the supply of
homes for sale to accumulate across the Metro Vancouver* housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 1,829 in April 2019, a 29.1 per cent decrease from the 2,579 sales recorded in
April 2018, and a 5.9 per cent increase from the 1,727 homes sold in March 2019.
Last month’s sales were 43.1 per cent below the 10-year April sales average.
“Government policy continues to hinder home sale activity. The federal government’s mortgage
stress test has reduced buyers’ purchasing power by about 20 per cent, which is causing people at
the entry-level side of the market to struggle to secure financing,” Ashley Smith, REBGV
president said. “Suppressing housing activity through government policy not only reduces home
sales, it harms the job market, economic growth and creates pent-up demand.”
There were 5,742 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in April 2019. This represents a 1.3 per
cent decrease compared to the 5,820 homes listed in April 2018 and a 16 per cent increase
compared to March 2019 when 4,949 homes were listed.
The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 14,357,
a 46.2 per cent increase compared to April 2018 (9,822) and a 12.4 per cent increase compared to
March 2019 (12,774).
“There are more homes for sale in our market today than we’ve seen since October 2014. This
trend is more about reduced demand than increased supply,” Smith said. “The number of new
listings coming on the market each month are consistent with our long-term averages. It’s the
reduced sales activity that’s allowing listings to accumulate.”
The overall sales-to-active listings ratio for April 2019 is 12.7 per cent. By property type, the
ratio is 9.4 per cent for detached homes, 15.4 per cent for townhomes, and 15.3 per cent for
apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12
per cent for a sustained period, while home prices often experience upward pressure when it
surpasses 20 per cent over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,008,400. This represents an 8.5 per cent decrease over April 2018, and
a 0.3 per cent decrease compared to March 2019.
Detached home sales totalled 586 in April 2019, a 27.4 per cent decrease from the 807 detached
sales in April 2018. The benchmark price for a detached home is $1,425,200. This represents an
11.1 per cent decrease from April 2018, a 0.8 per cent decrease compared to March 2019.
Apartment home sales totalled 885 in April 2019, a 32.3 per cent decrease compared to the 1,308
sales in April 2018. The benchmark price of an apartment is $656,900 in the region. This
represents a 6.9 per cent decrease from April 2018 and is unchanged from March 2019.
Attached home sales totalled 358 in April 2019, a 22.8 per cent decrease compared to the 464
sales in April 2018. The benchmark price of an attached home is $783,300. This represents a 7.5
per cent decrease from April 2018 and is unchanged from March 2019.

REBGV-Stats-Pkg-April-2019

 



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