Vancouver single-family home sales see weakest April in decades

Vancouver saw its weakest April for single-family home sales in nearly 30 years last month, data shows.

The numbers are in line with the downward trend in detached home salesthe city has seen all year which experts say doesn't bode well for the rest of the calendar year, given the fact that the spring months are usually the busiest time for sellers.

On Wednesday, The Real Estate Board of Greater Vancouver said only 171 detachedhomes in the city were sold to new owners over themonth.

Experts say thosenumbers haven't been that low for the month of April or close to that low since the late '90s.

SteveSaretsky, a real estate agent and industry blogger, said the slowdown has been a long time coming.

"The writing's been on the wall for a number of months now," he said.

Saretskysaidthe shiftis due to a combination of factors: the market has seen a significant drop in foreign investment, speculation tax and tightermortgage rules.

All of this, Saretskysaid, has many buyers putting their money towardsmaller investments like condos.

"I think people are maybe a little bit more nervous about the market," the agent added. "The last three years, there's been some incredible pricegrowth and that obviously can't continue."

The agent stopped short of saying the the bubble is about to burst.

"You don't necessarily really want to call it, but there are a lot of things in place right now that are working against the market. We've had this hugerun-upand nothing goes up forever, and I certainly think we're turning a corner here."

Regional sales alsoslow

The Real Estate Board of Greater Vancouver says salesdidn't fare any better across the entire region of Metro Vancouver.

Data released Wednesday said regional sales fell to a 17-year low for the month of April.

The board said2,579 detached properties, townhouses and condominiums sold last month in Metro Vancouver, down 27.4 per cent from April 2017.

It's also more than 22 per cent below the 10-year average for the month.

"It's just a matter of time when you have these weak sales and then, obviously, all the new changes coming to the market worrying buyers."

"For those maybe holding out on the detached homes, I think they're going to have to get a little bit more realistic."

Last year, the averageprice of a detached homein Vancouverfell 6.5 per cent.

If you are interested in housing affordability, check out CBC's new podcast,SOLD!Host Stephen Quinn explores how foreign investment inrealestatedivides community, class and culture. Find itatCBC PodcastsorApple Podcasts.

With files from the Canadian Press