Home sales across Lower Mainland dropped steeply in April, real estate boards say | CBC News

Residence gross sales in the Vancouver space fell in April and returned to extra traditionally typical ranges for the month — however gross sales figures within the Fraser Valley dropped to their lowest quantity in virtually two years, in accordance with regional actual property boards.

The Actual Property Board of Better Vancouver (REBGV) stated Tuesday that residential residence gross sales in the space it covers totalled 3,232 in April, down from 4,908 in April 2021 and 4,344 properties in March 2022.

The April gross sales have been 1.5 per cent above the 10-year gross sales common for the month.

REBGV chair Daniel John stated the return to a extra conventional tempo of residence gross sales over the final two months gives hopeful homebuyers extra time to make selections, safe financing and carry out different due diligence akin to residence inspections.

The board stated there have been 6,107 indifferent, hooked up and residence properties newly listed on the market on the A number of Itemizing Service (MLS) within the Vancouver space in April, down 23.1 per cent in contrast with April 2021 and down 8.5 per cent in contrast with March 2022.

The gross sales got here as the MLS residence worth index composite benchmark worth for all residential properties within the space was $1,374,500, up 18.9 per cent over April 2021 and a one per cent improve in contrast with March this yr.

35% drop within the Valley

In the meantime, property gross sales within the Fraser Valley dropped by greater than 35 per cent in comparison with March, in accordance with the Fraser Valley Actual Property Board (FVREB). It was the primary month through which month-to-month gross sales fell under the 10-year common since June 2020.

“We’d usually see a flurry of exercise round this time of the yr,” FVREB president Sandra Benz wrote in a press release.

“Nevertheless, that is not been the case to this point. Whereas it is nonetheless too early to say whether or not this development will endure, the slowing of gross sales mixed with a rise in lively listings helps to revive a semblance of steadiness to the market, which is encouraging for homebuyers.”

The cities and areas lined by the REBGV statistics are Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, the Sunshine Coast, Vancouver, West Vancouver and Whistler.

The FVREB covers the communities of Abbotsford, Langley, Mission, North Delta, Surrey and White Rock.

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