Home sales across Lower Mainland dropped steeply in April, real estate boards say
CBC News - The Canadian Press • May 17, 2022
Figures down to typical levels in Vancouver area, but below 10-year average in Fraser Valley
The Real Estate Board of Greater Vancouver (REBGV) said Tuesday that residential home sales in the area it covers totalled 3,232 in April, down from 4,908 in April 2021 and 4,344 homes in March 2022.
The April sales were 1.5 per cent above the 10-year sales average for the month.
REBGV chair Daniel John said the return to a more traditional pace of home sales over the last two months provides hopeful homebuyers more time to make decisions, secure financing and perform other due diligence such as home inspections.
The board said there were 6,107 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in the Vancouver area in April, down 23.1 per cent compared with April 2021 and down 8.5 per cent compared with March 2022.
The sales came as the MLS home price index composite benchmark price for all residential properties in the area was $1,374,500, up 18.9 per cent over April 2021 and a one per cent increase compared with March this year.
35% DROP IN THE VALLEY
Meanwhile, property sales in the Fraser Valley dropped by more than 35 per cent compared to March, according to the Fraser Valley Real Estate Board (FVREB). It was the first month in which monthly sales fell below the 10-year average since June 2020.
"We would typically see a flurry of activity around this time of the year," FVREB president Sandra Benz wrote in a statement.
"However, that's not been the case so far. While it's still too early to say whether this trend will endure, the slowing of sales combined with an increase in active listings is helping to restore a semblance of balance to the market, which is encouraging for homebuyers."
The cities and areas covered by the REBGV statistics are Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, the Sunshine Coast, Vancouver, West Vancouver and Whistler.
The FVREB covers the communities of Abbotsford, Langley, Mission, North Delta, Surrey and White Rock.
"We would typically see a flurry of activity around this time of the year," FVREB president Sandra Benz wrote in a statement.
"However, that's not been the case so far. While it's still too early to say whether this trend will endure, the slowing of sales combined with an increase in active listings is helping to restore a semblance of balance to the market, which is encouraging for homebuyers."
The cities and areas covered by the REBGV statistics are Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, the Sunshine Coast, Vancouver, West Vancouver and Whistler.
The FVREB covers the communities of Abbotsford, Langley, Mission, North Delta, Surrey and White Rock.
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Homebuyers in Metro Vancouver are sitting on the sidelines despite market conditions tipping in their favour, according to the latest data from the Greater Vancouver Realtors (GVR). Residential home sales in March 2025 totalled just 2,091—down 13.4 per cent from March 2024 and 36.8 per cent below the 10-year seasonal average. It marked the slowest March for sales since 2019. Active listings climbing to highest levels seen in a decade At the same time, active listings reached levels not seen in nearly a decade. New listings for detached, attached and apartment properties were up 29 per cent year-over-year to 6,455—a 15.8 per cent increase over the 10-year average. Total active listings on the MLS reached 14,546, up 37.9 per cent compared to March 2024 and 44.9 per cent above the seasonal average. “If we can set aside the political and economic uncertainty tied to the new U.S. administration for a moment, buyers in Metro Vancouver haven’t seen market conditions this favourable in years,” said Andrew Lis, GVR’s director of economics and data analytics. “Prices have eased from recent highs, mortgage rates are among the lowest we’ve seen in years, and there are more active listings on the MLS than we’ve seen in almost a decade.” Read More
