VANCOUVER WEST APRIL HOUSE 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 shows the average price for Metro Vancouver detached properties from March to April climbing again, this time by 2.8 percent. The benchmark price for detached homes last month compared to April 2018 is down 11.1 percent. The volume of house sales is 27.4 percent lower year to year.
Last month versus the previous April Vancouver west detached prices decline 13.4 percent. April 2019 versus April 2018 west side house sales drift down 7.3 percent. Year to year inventory declines 23.6 percent.
March to April sales of west side houses about face downward by 1.6 percent. Month to month detached inventory is up by 20.2 percent.