The Real Estate Board of Greater Vancouver (REBGV) reports that low demand continues to allow the supply of homes for sale to accumulate across the Metro Vancouver housing market.
Residential sales in the REBGV region came in at 1,829 in April 2019, a 29.1 percent decrease from the 2,579 sales recorded in April 2018, and a 43.1 percent drop from the 10-year April sales average.
“Government policy continues to hinder home sale activity. The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 percent, which is causing people at the entry-level side of the market to struggle to secure financing,” Ashley Smith, REBGV president said.
There were 5,742 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2019, a 1.3 percent decrease compared to the 5,820 homes listed in April 2018 and a 16 percent increase compared to March 2019 when 4,949 homes were listed. The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 14,357, a 46.2 percent increase compared to April 2018 (9,822) and a 12.4 percent increase compared to March 2019 (12,774).
“There are more homes for sale in our market today than we’ve seen since October 2014. This trend is more about reduced demand than increased supply,” Smith said. “The number of new listings coming on the market each month are consistent with our long-term averages. It’s the reduced sales activity that’s allowing listings to accumulate.”
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