Home sales in Metro Vancouver are mounting a surprising comeback, rising near the levels seen last spring, despite listing activity remaining below historical norms.
That is according to the Real Estate Board of Greater Vancouver’s (REBGV) report for April 2023, noting consecutive interest rate hikes had eroded borrowing power and brought home sales activity down along with it.
The REBGV reports that residential home sales in the region last month saw a 16.5 per cent decrease from the sales recorded in April 2022, and 15.6 per cent below the 10-year seasonal average.
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver saw a 7.4 per cent decrease over April 2022, but a 2.4 per cent increase compared to March 2023.
According to the REBGV, the benchmark price for a single-detached house in Ladner this April was $1,341,900. That is up 7.1 per cent from March 2023, but still down 13.3 per cent compared to April 2022.
The benchmark for a detached house in Tsawwassen last month was $1,473,200, up seven per cent from the previous month, but down 14.8 per cent compared to April 2022.
The benchmark price for a townhouse in Ladner and Tsawwassen last month was $991,700 and $990,100 respectively. The benchmark from a condo in Ladner and Tsawwassen was $698,900 and $724,900 respectively.
Meanwhile, the Fraser Valley Real Estate Board (FVREB) says that despite persistent inventory shortfalls, housing sales in the Fraser Valley remained steady this April as buyers took advantage of the continued pause in interest rate hikes.
The FVREB says April sales processed on the Multiple Listing Service were virtually unchanged compared to March, but a slight decrease of 5.1 per cent compared to April 2022.
According to the FVREB, the benchmark for a detached house in North Delta was $1,337,000, up 4.3 per cent compared to March 2023, but down 18.5 per cent compared to April 2022.
The benchmark for a North Delta townhouse last month was $886,000 and for a condo it was $558,000.