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

Trail Kidney Walk followed by a rafting trip

Endless Adventures from the Slocan Valley will be guiding two trips down the Columbia River

Trail bus line readies to takeover Kelowna run

Silver City Stage Lines must have a booking site up by Sept. 30; two vehicles activated by Oct. 26

Art thieves nab Castlegar statue

Desert Big Horn part of Castlegar Sculpturewalk collection.

Grand Forks SAR rescue lost hunter

Grand Forks SAR was called out mid-afternoon Saturday for reports of a missing hunter

High hazard in downtown Trail

Roofing work began early Monday morning at the Trail Memorial Centre

B.C. RCMP turn to Const. Scarecrow to shock speeders into slowing down

New addition will watch over drivers from a Coquitlam median for first-of-its-kind pilot in Canada

B.C. woman facing animal cruelty charges after emaciated dog seized

Kira, a Rottweiler, had kidney and bladder infections

Kim agrees to dismantle main nuke site if US takes steps too

Kim promised to accept international inspectors to monitor the closing of a key missile test site and launch pad and to visit Seoul soon.

Dozens speak at Vancouver hearing that could see duplexes replace single homes

The city clerk says 73 people signed up to speak at the hearing that began early Tuesday evening and adjourned hours later with 34 speakers still waiting.

North Carolina gov pleads with storm evacuees to be patient

The death toll rose to at least 37 in three states Tuesday, with 27 fatalities in North Carolina.

North and South Korea say they plan to bid for 2032 Olympics

Moon and Kim announced a sweeping set of agreements including a vow to work together to host the Summer Olympics in 2032.

Russia’s reinstatement after doping scandal goes to a vote

The World Anti-Doping Agency is due to vote Thursday Sept. 20, 2018, on possible reinstatement of Russia.

Ontario wins stay on ruling that struck down council-cutting plan

The province had argued the stay was necessary to eliminate uncertainty surrounding the Oct. 22 vote, and the Court of Appeal agreed.

B.C. cannabis producer Tilray hits at $20-billion high as stock price explodes

This is the first export of a cannabis product from a Canadian company to the U.S.

Most Read