April home sales dip 14% from March

Metro Vancouver sales are 342% higher than a year ago, when April transactions fell to a record low

Greater Vancouver home sales have fallen 14% month-to-month | Shutterstock

The Real Estate Board of Greater Vancouver (REBGV) reports that housing sales in the region totalled 4,908 in April 2021, a 342.6% increase from the 1,109 sales recorded in April 2020, but a 14% decrease from the 5,708 homes sold in March 2021.

April sales were 56.2% above the 10-year April sales average and is the highest total on record for the month.

“Our housing market has changed considerably from one year ago when COVID-19 concerns brought activity to a near standstill,” said Keith Stewart, REBGV’s economist.

Despite the bullish perception in the market, some analysts say the market is cooling, as higher supply begins to cool buyers’ fear of missing out.

“There appears to be a sentiment shift in the market over the past several weeks,” said Vancouver real estate agent Steve Saretsky, who publishes a widely-read blog on the Metro market.

“There are fewer showings, fewer offers, and an element of buyer fatigue appears to be setting in. This view is nearly synonymous across the real estate industry. I will stop short of making any predictions, but a slowdown in the housing market appears inevitable,” Saretsky said on May 3.

The total number of homes currently listed for sale in Metro Vancouver is 10,245, a 9.1% increase compared to April 2020 and a 12 % increase compared to March 2021. In April alone, 7,983 new listings were added to the MLS system, the highest April level in history.

The composite benchmark price for all residential properties in Metro Vancouver is currently $1.15 million, a 12% increase over April 2020 and a 2.6% increase compared to March 2021.

The benchmark price for a detached house is now $1.75 million. This represents a 20.9% increase from last year and a 3.2% increase compared to March 2021.

The benchmark price of condo apartment is $729,600. This represents a 5.9% increase from April 2020 and a 1.9% increase compared to March 2021.

The benchmark price of townhouse is $900,900. This is a 13.9% increase from April 2020 and a 3.3% increase compared to March 2021, the REBGV reported.