Metro Vancouver Housing Market Report - April 2019
Housing trend - reduced demand and increased supply
The Real Estate Board of Greater Vancouver (REBGV) reported that residential home sales in the region totalled 1,829 in April 2019, a 29.1% decrease from the 2,579 sales recorded in April 2018, and a 5.9 % increase from the 1,727 homes sold in March 2019.
April's sales were 43.1% below the 10-year April sales average.
"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."
The total number of homes currently listed for sale on the MLS® in Metro Vancouver was 14,357, a 46.2% increase compared to April 2018 (9,822) and a 12.4 per cent increase compared to March 2019 (12,774).
The overall sales-to-active listings ratio for April 2019 was 12.7%:
- Detached homes - 9.4 %
- Townhomes - 15.4%
- Condominiums - 15.3 %
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 was at $1,008,400, a 8.5% decline compared to April 2018, and a 0.3% decline compared to March 2019.
- Detached home sales totalled 586 was 27.4% lower than 807 recorded April 2018. The benchmark price at $1,425,200 was 11.1% decline compared to April 2018, and 0.8% deccine compared to March 2019.
- Apartment home sales totalled 885 in April 2019, a 32.3% decrease compared to the 1,308 sales in April 2018. The benchmark price of an apartment at $656,900 was 6.9% decrease from April 2018 and is unchanged from March 2019.
- Attached home sales totalled 358 in April 2019, a 22.8% decrease compared to the 464 sales in April 2018. The benchmark price of an attached home at $783,300 was 7.5$ decrease from April 2018 and was unchanged from March 2019.