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Real Estate Board of Greater Vancouver says April home sales down, Fraser Valley says same

VANCOUVER - The Real Estate Board of Greater Vancouver says home sales in the region fell in April and returned to more historically typical levels for the month.

The board says residential home sales in the region totalled 3,232 in April, down from 4,908 in April 2021 and 4,344 homes in March 2022.

The April sales were 1.5 per cent above the 10-year sales average for the month.

REBGV chair Daniel John says the return to a more traditional pace of home sales over the last two months provides hopeful homebuyers more time to make decisions, secure financing and perform other due diligence such as home inspections.

The board says there were 6,107 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service in Metro Vancouver in April, down 23.1 per cent compared with April 2021 and down 8.5 per cent compared with March 2022.

The sales came as the MLS home price index composite benchmark price for all residential properties in Metro Vancouver was $1,374,500, up 18.9 per cent over April 2021 and a one per cent increase compared with March this year.

SURREY, BC – Property sales in the Fraser Valley decreased by over 35 per cent in April 2022 compared to the previous month, and while the figure is still the sixth-highest April on record for the past ten years, it marks the first time monthly sales have fallen below the ten-year average since June 2020.

In April, the Fraser Valley Real Estate Board (FVREB) processed 1,637 sales on its Multiple Listing Service® (MLS®), a decrease of 45.7 per cent compared to April 2021 and a 36.6 per cent decrease compared to March.

“We would typically see a flurry of activity around this time of the year,” said, FVREB President, Sandra Benz, “however that’s not been the case so far. While it’s still too early to say whether this trend will endure, the slowing of sales combined with an increase in active listings is helping to restore a semblance of balance to the market, which is encouraging for homebuyers.”

Last month, the Board received 3,622 new listings, a decrease of 27.8 per cent compared to April 2021, and a decrease of 20.9 per cent compared to March 2022. The total month-end active inventory in April was 5,387, 14.6 per cent higher than in March.

“In an effort to stem inflation worries, the government has moved quickly to implement interest rate hikes,” added FVREB CEO Baldev Gill. “In fact, we’re already back to rate levels we haven’t seen since 2019. This will put an added burden on homebuyers, particularly on first-timers, who will have to meet more stringent stress test conditions. Ultimately, this will likely result in a decrease in demand, which may slow price growth, however it will do little to resolve the underlying issue of low inventory.”

Across Fraser Valley, in April, the average number of days to sell a single-family detached home was 16 and a townhome was 13 days. Apartments took, on average, 13 days to sell.

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