Vancouver home sales slide nearly 26% last month, condo and townhouse demand rise

Vancouver home sales slide nearly 26% last month

VANCOUVER — The Real Estate Board of Greater Vancouver says the number of home sales slid last month by nearly 26 per cent year-over-year while prices continued to climb.

Residential property sales in Metro Vancouver totalled 3,553 last month, a 25.7 per cent decline compared to a year ago.

Sales of detached homes fell 38.8 per cent from April 2016, while the composite benchmark price for those properties rose 8.1 per cent in that time, reaching $1,516,500.

The composite benchmark price for all homes was $941,100, 11.4 per cent higher than April 2016.

Vancouver’s real estate market remains the most expensive in Canada, though Toronto is catching up, with prices rising at rates that have alarmed governments at various levels.

Last August, the B.C. government implemented a 15 per cent tax on foreigners purchasing properties in Metro Vancouver in a bid to cool down the city’s housing market.

For the first four months of the year, Multiple Listing Service data in Metro Vancouver show that condominium and townhome sales now make up a larger percentage of all residential transactions, accounting for 68.5 per cent, on average. That’s up 10 per cent from 58.2 per cent over the same period last year.

The total number of properties listed for sale on the MLS in Metro Vancouver increased 3.5 per cent in April compared to a year ago, the board said.

“Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. It’s a different story in our condominium and townhome markets,” Jill Oudil, president of the Real Estate Board of Greater Vancouver, said Tuesday in a statement.

“Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”

The Canadian Press

Just Posted

Kelowna council settles on 3.6 per cent tax increase for 2018

“Safety” budget heavy on a wide-range of public safety related spending

Meningococcal disease outbreak declared in Okanagan

Five cases in last six months among 15-to-19 year-olds, including one in Coldstream

Mail bandit puts damper on Christmas in Central Okanagan

Mail Box thefts have been reported throughout the Okanagan

West Kelowna RCMP seeks to reunite stolen items to owners

Numerous personal belongings were found during a seizure

Budget 2018: Kelowna to look at monitoring downtown security cameras 24 hours per day

Potential $30,000 budget item will be discussed further over objections of the mayor

VIDEO: Average Canadian food bill to rise by $348 in 2018

Atlantic Canada and B.C. will see the most increases for consumers

Debt-to-household-income ratio rises in third quarter, household net worth

Total household credit market debt grew to $2.11 trillion in the third quarter

Charges in car wash shooting stalled

Court waits for police watchdog report on Salmon Arm incident.

B.C. Mountie told to resign after texting teenage sex assault victim

RCMP documents say Const. Brian Eden sent sexually inappropriate photos to 17-year-old girl

Family doctors should learn to treat addiction, not shun patients: scientist

B.C. Centre on Substance Use’s Dr. Evan Wood said efforts underway to change addiction medicine image

Four dog deaths investigated in Cranbrook

One vet suggests a parallel to these deaths and similar ones in 2016

Province rejects Ajax mine in Kamloops

KGHM Ajax had proposed a 1,700-hectare open-pit copper and gold mine, just southwest of Kamloops

Border officers rally at B.C.’s Peace Arch

CBSA employees tire of ‘lack of respect’

FCC votes along party lines to end ‘net neutrality’

Move rolls back restrictions that keep big providers from blocking services they don’t like

Most Read