The primary headline for the last month in Vancouver real estate is that demand returned to more historically "normal" levels.
Sales dropped to 971 from 1,298 the previous month. That's a -25.2% decline month-to-month and also a -26.4% decline from a year ago...all of which was +5.3% over the 10-year average of 922.
New listings also fell to 1,942 from 2,118. That's -8.3% from the previous month and -23.9% from a year ago. It was also -11.2% below the 10 year average.
Total active listings rose to 3,260 from 3,064. That was an increase of +6.4% from the previous month but -15.8% from a year ago. Compared to the 10 year average it was a decline of -6.2%.
We usually see demand increasing through the spring...so seeing it drop from March to April is a bit unusual. But...we all knew this moment would come. Especially given significant global economic uncertainty as well as a slew of government interventions.
Honestly, it's been a pleasant change so far...especially for potential home buyers. They are able to take more time to make decisions and to fulfill their due diligence.
We will need to wait and see how long this subdued level of sales lasts. So far, it's having little impact on prices as supply levels are still restricted. That could change if sellers start to feel less confident in the future.
I suspect that we will see a slower market through the remainder of the spring and into the summer, but that the market will regain it's stride in the fall.
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