Housing sales in the Vancouver area fell in April and returned to more historically typical levels for the month – but sales in the Fraser Valley fell to their lowest level in almost two years, according to regional real estate boards.
The Greater Vancouver Real Estate Board (REBGV) said on Tuesday that housing sales in the area it covers totaled 3,232 in April, down from 4,908 in April 2021 and 4,344 homes in March 2022
Sales in April were 1.5% above the 10-year average for the month.
REBGV Chairman Daniel John said a return to the more traditional pace of home sales over the past two months gives reliable homebuyers more time to make decisions, secure funding and conduct other appropriate inspections, such as home inspections.
The board said there were 6,107 detached, adjoining and apartment properties recently put up for sale in the Vancouver Multi-Class Ad Service (MLS) in April, down 23.1% from April 2021 and April 2021. 8.5% compared to March 2022
The sales came as the composite reference price of the MLS housing price index for all residential properties in the area was $ 1,374,500, up 18.9% from April 2021 and a one percent increase over March. this year.
35% drop in the valley
Meanwhile, Fraser Valley property sales have fallen by more than 35 percent since March, according to the Fraser Valley Real Estate Council (FVREB). This was the first month in which monthly sales fell below the 10-year average since June 2020.
“We will usually see a wave of activity at this time of year,” FVREB President Sandra Benz wrote in a statement.
“It simply came to our notice then. Although it is still too early to say whether this trend will continue, the slowdown in sales, combined with an increase in active ads, is helping to restore a similar balance of the market, which is encouraging for home buyers. “
The cities and regions covered by REBGV statistics are Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pete Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Cowder, Vancouver and Vancouver.
FVREB covers the communities of Abbotsford, Langley, Mission, North Delta, Surrey and White Rock.
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