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.
Related Links:
Greater Vancouver Housing Market Update - February, 2019
REBGV & FVREB Housing Market Outlook: 2019 - 2021
Home Sales Were 25% Below 10-year Sales Average
Stress Tests Disqualifying 18% of Canadian Home Buyers
Global Assets: Greater Vancouver Real Estate
November Home Sales Down 42.5%
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.