Higher Vancouver Realtors reported 2,163 residential gross sales final month, down 23.6% from April 2024 and practically 28% beneath the area’s 10-year seasonal common.
It marked the third straight month of below-average exercise, regardless of an surroundings of easing borrowing prices.
“From a historic perspective, the slower gross sales we’re now seeing stand out as uncommon,” stated Andrew Lis, GVR’s director of economics and information analytics. “What’s additionally uncommon is beginning the 12 months with Canada’s largest buying and selling associate threatening to tilt our financial system into recession by way of commerce coverage, whereas on the identical time having Canadians head to the polls.”
Stock builds, costs maintain regular
Whereas gross sales had been down, stock continued to construct, the figures present. Complete lively listings reached 16,207 in April, a 30% improve over final 12 months and the very best stage since 2019. New listings had been additionally elevated at 6,850, although down barely from April 2024.
That buildup of provide helped hold costs in examine with the composite MLS benchmark worth for all housing sorts edging down 0.5% from March to $1,184,500. That’s down 1.8% from a 12 months in the past.
By housing kind:
- Indifferent: 578 gross sales (↓29% y/y); benchmark worth: $2,021,800 (↓0.7% y/y)
- Townhomes: 442 gross sales (↓23.8% y/y); benchmark worth: $1,102,300 (↓2.9% y/y)
- Residences: 1,130 gross sales (↓20.2% y/y); benchmark worth: $762,800 (↓2.0% y/y)
Patrons’ market situations rising
With lively listings on the rise and gross sales slowing, the market is tilting in favour of consumers, the true property board famous.
Total, the sales-to-active listings ratio fell to 13.8% in April. Indifferent properties had been in clear consumers’ market territory at simply 9.9%, whereas townhomes and condos remained in balanced market vary at 17.5% and 15.7%, respectively.
Regardless of the latest slowdown, Lis famous the present situations might profit well-positioned consumers.
“Stock ranges have simply crested 16,000 for the primary time since 2019, costs have stayed pretty secure for the previous few months, and borrowing prices are the bottom they’ve been in years,” he stated. “There’s loads of alternative for anybody seeking to make a purchase order.”
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Final modified: Might 2, 2025
