Vancouver’s April home sales show 16.5% annual dip, board predicts a comeback soon

News –

The Real Estate Board of Greater Vancouver says April dwelling gross sales slid 16.5 per cent from a yr in the past as new listings remained under historic norms.

The B.C. board says gross sales for the month totalled 2,741, nearly 16 per cent under the 10-year seasonal common.

The composite benchmark worth for all residential properties in Metro Vancouver hit $1,170,700 final month, down 7.4 per cent from a yr in the past however up 2.4 per cent from March.

There have been 4,307 new listings final month, a 29.7 per cent lower, in comparison with the prior April and a 22 per cent drop from the 10-year seasonal common of 5,525.

The board noticed the numbers as an indication that dwelling gross sales are staging a comeback and headed towards ranges seen final spring earlier than eight consecutive rate of interest hikes have been carried out.

The fee hikes eroded shopping for energy and despatched patrons to the sidelines, however the board believes a shift is underway.

“The fact we are seeing prices rising and sales rebounding this spring tells us homebuyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” Andrew Lis, the board’s director of economics and knowledge analytics, mentioned in a news launch.

This report by The Canadian Press was first printed May 2, 2023.