Higher Vancouver Realtors reported 2,163 residential gross sales final month, down 23.6% from April 2024 and almost 28% beneath the area’s 10-year seasonal common.
It marked the third straight month of below-average exercise, regardless of an atmosphere 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 yr with Canada’s largest buying and selling companion threatening to tilt our economic system into recession through 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. Whole lively listings reached 16,207 in April, a 30% improve over final yr and the best degree 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 varieties edging down 0.5% from March to $1,184,500. That’s down 1.8% from a yr in the past.
By housing sort:
- 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)
- Flats: 1,130 gross sales (↓20.2% y/y); benchmark worth: $762,800 (↓2.0% y/y)
Consumers’ market circumstances rising
With lively listings on the rise and gross sales slowing, the market is tilting in favour of patrons, the true property board famous.
General, the sales-to-active listings ratio fell to 13.8% in April. Indifferent properties had been in clear patrons’ 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 current slowdown, Lis famous the present circumstances could profit well-positioned patrons.
“Stock ranges have simply crested 16,000 for the primary time since 2019, costs have stayed pretty steady 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 trying to make a purchase order.”
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Final modified: Might 2, 2025
