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

Thornhill Boil Water Advisory rescinded

Residents are asked to flush their water pipes, clean coffee makers and other appliances

Contractors dig into construction of union office in Terrace

Traffic has been detoured on Kalum St. by Lazelle and Park Ave. for work on the BCGEU office

Baby bear captured on Kalum St.

Bear cub had been seen in area backyards for several days

Public asked to be on lookout for bear cub

Norhtern Lights Animal Shelter on its way here to capture baby bruin in Scott Avenue area.

Searchers rush to find missing hikers with one-year-old child

Family out overnight in cold near Watson Lake

Terrace River Kings overcome Williams Lake Stampeders 6-5

It was a back-and-forth game, played into second overtime before the team secured the win

VIDEO: Oprah Winfrey and a celebrities attend ‘B.C. Miracle Concert’

Fundraiser featured Foster, Steven Tyler, The Tenors, Matteo Bocelli, Laura Bretan, Carly Rae Jepsen

Human remains found at Silver Creek property

RCMP have been searching the property in the 2200 block of Salmon River Road for the past three days

New B.C. acute care centre opens for young patients, expectant mothers

Facility aims to make B.C. Children’s Hospital visits more comfortable

Search ramps up for B.C. woman after dog, car found near Ashcroft

Jenny Lynn Larocque’s vehicle and dog were found in Venables Valley, but there is no sign of her

Police officer hit by car, stabbed in Edmonton attack back on job

Const. Mike Chernyk, 48, returned to work Thursday

UBC medical students learn to care for Indigenous people

Students in health-related studies to take course, workshop to help better serve Aboriginal people

Dorsett has 2 goals, assist in Canucks’ 4-2 win over Sabres

‘It was a real good hockey game by our group,’ Canucks coach Travis Green said.

Berry disappointed: Bear tries to eat fake fruit on woman’s door wreath

A Winnipeg woman has taken her berry-embellished wreath down, after a hungry bear visited her porch

Most Read