Real Estate Market Update for Vancouver
The housing market in Metro Vancouver for April carries a similar trend from Q1 of 2018. Home sales have dipped to 17-year April low with fewer home buyers. 2,579 home sales have been registered on the MLS® for the month of April reflecting a 27% decrease compared to the same period last year and dropping below the 10-year April average by 22%.
There are many factors contributing to the decline including stricter mortgage requirements introduced at the beginning of the year by the federal government reducing home buyers’ purchasing power. However, home sellers have been more active with 5,820 listings added last month. The total active listings now stand at 9,822 which is over the inventory levels in recent years.
As a result, home buyers are able to enjoy more selection and less competition. Prices for condos and townhomes continue on an upward trajectory at 24% and 18% increase compared to last year respectively. Prices for single family homes experienced a modest uptick of 5% and have been consistent for the past few months.
View the video below for the full housing market update: