VANCOUVER EAST APRIL TOWNHOME MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release puts the blame squarely on Federal Government mortgage stress tests as the major reason for the ongoing backlog of Real Estate inventory in Greater Vancouver. Not since the fall of 2014 have we seem more homes listed for sale than this April. Last month, total Metro Vancouver residential sales drop 29.1 percent compared to April 2018. New listings slip 1.3 percent year to year but the total inventory of listed properties rises 46.2 percent in that same time period. The composite value of all Metro Vancouver properties is down 8.5 percent April to April.
The graph illustrates an upturn from March to April of 2.2 percent for the average attached unit price in Metro Vancouver. Last month compared to the previous April the benchmark townhouse price declines 7.5 percent. Year to year the volume of townhome sales is down 22.8 percent.
Last month compared to April 2018 Vancouver east townhouse prices are 12.5 percent lower. Year to year attached unit sales decline by 35.8 percent. This April inventory is 13.3 percent less than the previous April.
March to April east side attached sales turn around via a 21.4 percent increase. Month to month attached inventory is 40 percent more.