Vancouver housing statistics, continuing in the month of April we are seeing reduced demand and increased supply of both condos and houses. REALTORS® registered 1,829 homes sales MLS® in April which is a slight increase over March but still significantly below the ten-year average (actually 43% below the average).
5,742 homes we added to the MLS® which brings the total number of house listings to 14,357. The current listing count is the highest in the past five years. So to sum it up, we’re seeing more listings and a lot less sales. This continuing trend is starting to create a market which favours buyers based on current housing statistics. There’s more selections for buyers to choose from and sellers need to price their homes more competitively. As Vancouver REALTORS® this is something we’re seeing first-hand, buyers have more homes or condos to view and prices have been reduced since last year.
At the end of the day the housing statistics show prices are down close to 10% on average. The benchmark price of a home is now $1,008,400. The most significant price reductions are happening in the detached home market. Condos, townhomes and duplexes seem to be performing better, likely due to the lower, more affordable price points.
There are many factors which affect the Vancouver housing market but government policy is playing a major role. The government mortgage stress test reduces buyer purchasing power by about 20%. There are other policies which contribute to the slower market implemented by the BC government. Examples would be the empty home tax and the foreign buyer tax. All of these recently introduced policies and a slightly slowing world market has an effect on our housing sales.
For a current update on the Vancouver market or a discussion about selling your home, feel free to reach out to our real estate team!