Elevated home sale activity continues to outstrip the supply of homes for sale in…
Home prices across Metro Vancouver are continuing to slide, reported the Real Estate Board of Greater Vancouver (REBGV) May 2.
The board said that the composite benchmark home price across Metro Vancouver dipped to $1,008,400 in April, very close to edging back down over the million-dollar mark. This is 8.5% decrease over April 2018’s price, and a 0.3% decline from March 2019.
Home inventory is piling up as the number of new listings met usual market levels but sales dropped on an annual basis. The number of Metro Vancouver homes to exchange hands on the MLS in April was 1,829, a 29.1% drop from April 2018. However, this was a 5.9% increase from the 1,727 homes sold in March this year.
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April’s sales total was 43.1% below the 10-year April sales average (see interactive graph, below), which is a slight improvement over the dire figures seen the previous month.
The REBGV continued its stance in placing the blame for reduced home sales at the federal government’s door. Ashley Smith, REBGV president, said, “Government policy continues to hinder home sale activity. The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing.”