{"id":8996,"date":"2018-05-07T08:08:47","date_gmt":"2018-05-07T15:08:47","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8996"},"modified":"2018-05-02T16:01:27","modified_gmt":"2018-05-02T23:01:27","slug":"metro-vancouver-home-sales-hit-a-17-year-april-low","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/05\/metro-vancouver-home-sales-hit-a-17-year-april-low\/","title":{"rendered":"Metro Vancouver Home Sales Hit A 17-Year April Low"},"content":{"rendered":"<p style=\"text-align: justify;\">Following the implementation of stricter mortgage rules in January 2018, Metro Vancouver home sales continued to soften in April, while listings increased.<\/p>\n<p style=\"text-align: justify;\">A total of 2,579 homes changed hands in the region last month, down 27% from the 3,553 sales recorded in April 2017, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV), published today.<\/p>\n<p style=\"text-align: justify;\">\u201cMarket conditions are changing. Home sales declined in our region last month to a 17-year April low and home sellers have become more active than we\u2019ve seen in the past three years,\u201d says Phil Moore, REBGV president, in a press release.<\/p>\n<p style=\"text-align: justify;\">Last month\u2019s sales total was 22.5% below the 10-year April sales average.<\/p>\n<p style=\"text-align: justify;\">According to Moore, the mortgage requirements, among other factors, have diminished home buyers\u2019 purchasing power in Metro Vancouver.<\/p>\n<p style=\"text-align: justify;\">Here are 11 facts that show how Metro Vancouver\u2019s housing market continued to slow in April.<\/p>\n<p style=\"text-align: justify;\">1. Although Metro Vancouver saw fewer home buyers in April, there were more home sellers in the market. A total of 5,820 properties (detached, attached and condo) were newly listed for sale in April \u2014 a roughly 19% increase compared to the 4,907 homes listed a year ago.<\/p>\n<p style=\"text-align: justify;\">2. In April, a total of 9,822 properties were listed for sale, up roughly 26% compared to 7,813 units a year ago. \u201cHome buyers have more breathing room this spring. They have more selection to choose from and less demand to compete against,\u201d says Moore.<\/p>\n<p style=\"text-align: justify;\">3. For all property types, the sales-to-active listings ratio for April 2018 was 26%. REBGV says that downward pressure on prices generally occurs when the ratio falls below the 12% mark for a prolonged period, while home prices often experience upward pressure when it exceeds 20% over several months.<\/p>\n<p style=\"text-align: justify;\">4. Broken down by property type, the ratio was 14% for detached homes, 36% for townhomes and roughly 47% for condos.<\/p>\n<p style=\"text-align: justify;\">5. Although overall sales declined year-over-year, the benchmark price for all homes in the region hit $1,092,000 in April, up 14% from April 2017 and a 0.7% increase compared to March 2018.<\/p>\n<p style=\"text-align: justify;\">6. In the detached segment, a total of 807 homes sold in the region last month \u2014 a 33% decline from the 1,211 detached sales recorded in April 2017.<\/p>\n<p style=\"text-align: justify;\">7. The benchmark price of a detached home was $1,605,800 in April 2018, up 5% from April 2017.<\/p>\n<p style=\"text-align: justify;\">8. Condo sales totaled 1,308 in April 2018, a 24% drop from 1,722 sales in April 2017.<\/p>\n<p style=\"text-align: justify;\">9. As condo sales declined year-over-year, the benchmark price of a condo hit $701,000, up roughly 24% from a year ago.<\/p>\n<p style=\"text-align: justify;\">10. In the attached segment, a total of 464 units sold last month, down 25% from the 620 sales in April 2017.<\/p>\n<p style=\"text-align: justify;\">11. The benchmark price of an attached unit was $854,200 \u2014 a roughly 18% increase from the same period last year.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/05\/metro-vancouver-sales-17-year-april-low-11-facts-illustrate-markets-slowdown.html\" target=\"_blank\" rel=\"noopener\">Metro Vancouver Home Sales Hit A 17-Year April Low. Here are 11 Facts That Illustrate the Market&#8217;s slowdown<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following the implementation of stricter mortgage rules in January 2018, Metro Vancouver home sales continued to soften in April, while listings increased. A total of 2,579 homes changed hands in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/05\/metro-vancouver-home-sales-hit-a-17-year-april-low\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8996","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver Home Sales Hit A 17-Year April Low &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/05\/metro-vancouver-home-sales-hit-a-17-year-april-low\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Home Sales Hit A 17-Year April Low &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Following the implementation of stricter mortgage rules in January 2018, Metro Vancouver home sales continued to soften in April, while listings increased. 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