Home buyer demand in Metro Vancouver returned to more historically typical levels in April.
The Real Estate Board of Greater Vancouver saw residential homes sales total 3,232 for April 2022 which is a 34.1% decrease from this time last year (4,908) 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.
Newly listed properties in April for Metro Vancouver reached 6,107 for all property types. This equates to a 8.5% decrease from March 2022 (6,673) and a 23.1% decrease compared to April 2021 (7,938).
Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw an increase in the combined sales-to-active ratio from last month keeping us in a Seller's Market.
Broken down by property type, the sales-to-active ratio for April 2022 is 25.3% for detached homes, 47.1% for townhouses, and 45% for condos. This means that townhouses are in a high Seller's Market, condos are in a Seller's Market as well and the detached sector is still in a Seller's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,374,500 this represents a 18.9% increase over April 2021.
The total sales for April 2022 were 3,232. This works out to 962 detached homes with a benchmark price of $2,139,200, 578 townhouses with a benchmark price of $1,150,500 and 1,692 apartments with a benchmark price of $844,700.
Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!