Homebuyer demand in Metro Vancouver* returned to more historically typical levels in April.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,232 in April 2022, a 34.1% decrease from the 4,908 sales recorded in April 2021, and a 25.6% decrease from the 4,344 homes sold in March 2022.
Last month’s sales were 1.5% above the 10-year April sales average.
So far, this spring, we’ve seen home sales ease down from the record-breaking pace of the last year. While a small sample size, the return to a more traditional pace of home sales that we’ve experienced over the last two months provides hopeful home buyers more time to make decisions, secure financing and perform other due diligence such as home inspections and secure financing.
There were 6,107 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2022. This represents a 23.1% decrease compared to the 7,938 homes listed in April 2021 and an 8.5% decrease compared to March 2022 when 6,673 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,796, a 14.1% decrease compared to April 2021 (10,245) and a 15.3% increase compared to March 2022 (7,628).
“With interest rates climbing and the total inventory of homes for sale inching higher, it’s important to work with your local Realtor to understand how these factors could affect your home buying or selling situation,” John said.
For all property types, the sales-to-active listings ratio for April 2022 is 36.7%. By property type, the ratio is 25.3% for detached homes, 47.1% for townhomes, and 45% for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,374,500. This represents an 18.9% increase over April 2021 and a 1% increase compared to March 2022.
Sales of detached homes in April 2022 reached 962, a 41.9% decrease from the 1,655 detached sales recorded in April 2021. The benchmark price for a detached home is $2,139,200. This represents a 20.8% increase from April 2021 and a 1% increase compared to March 2022.
Sales of apartment homes reached 1,692 in April 2022, a 26.1% decrease compared to the 2,289 sales in April 2021. The benchmark price of an apartment home is $844,700. This represents a 16% increase from April 2021 and a 1.1% increase compared to March 2022.
Attached home sales in April 2022 totalled 578, a 40% decrease compared to the 964 sales in April 2021. The benchmark price of an attached home is $1,150,500. This represents a 25% increase from April 2021 and a 1.1% increase compared to March 2022.