Home sales across Lower Mainland dropped steeply in April, real estate boards say

Home sales inthe Vancouver area fell in April and returned to more historically typical levels forthemonth but sales figures in the Fraser Valley dropped to their lowest number in almost two years, according to regional real estate boards.

The Real Estate Board of Greater Vancouver (REBGV)said Tuesday that residential home sales inthearea it covers totalled 3,232 in April, down from 4,908 in April 2021 and 4,344 homes in March 2022.

TheApril sales were 1.5 per cent abovethe10-year sales average forthemonth.

REBGV chair Daniel John saidthereturn to a more traditional paceofhome sales overthelast two months provides hopeful homebuyers more time to make decisions, secure financing and perform other due diligence such as home inspections.

Theboardsaidthere were 6,107 detached, attached and apartment properties newly listed for sale ontheMultiple Listing Service (MLS) in the Vancouver area in April, down 23.1 per cent compared with April 2021 and down 8.5 per cent compared with March 2022.

Thesales came astheMLS home price index composite benchmark price for all residential properties in the areawas $1,374,500, up 18.9 per cent over April 2021 and a one per cent increase compared with March this year.

35% drop in the Valley

Meanwhile, property sales in the Fraser Valley dropped by more than35 per cent compared to March, according to the Fraser Valley Real Estate Board (FVREB). It was the first month in which monthly sales fellbelow the 10-year average since June 2020.

"We would typically see a flurry of activity around this time of the year," FVREBpresidentSandra Benz wrote in a statement.

"However, that's not been the case so far. While it's still too early to say whether this trend will endure, the slowing of sales combined with an increase in active listings is helping to restore a semblance of balance to the market, which is encouraging for homebuyers."

The cities and areas covered by the REBGV statistics areBurnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, the Sunshine Coast, Vancouver, West Vancouverand Whistler.

The FVREBcovers the communities ofAbbotsford, Langley, Mission, North Delta, Surrey andWhite Rock.