Vancouver home sales show surprise comeback

With listing activity remaining below historical norms, home sales in Metro Vancouver, BC, have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it, says the Real Estate Board of Greater Vancouver (REBGV) in its ‘Monthly Market Report.’ Residential home sales in the region totalled 2,741 in April, a 16.5% decrease from the 3,281 sales recorded in April 2022 and 15.6% below the 10-year seasonal average (3,249). There were 4,307 detached, attached, and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in April. This represents a 29.7% decrease compared to the 6,128 homes listed in April 2022 and was 22% below the 10-year seasonal average (5,525). The total number of homes currently listed for sale is 8,790, a 4.2% decrease compared to April 2022 (9,176), and 20.9 per cent below the 10-year seasonal average (11,117).