With the weather finally changing over to sunny days this April, we have also seen some changes when it comes to Vancouver’s real estate market. With new rules regarding the stress test for mortgages and new tax implications, we saw fewer home buyers and more home sellers this April.
In April 2018, there were 2579 total home sales in Vancouver, which was a 27.4% decrease compared to this time last year. However, there are promising results in home sales with a total increase of 2.5% compared to last month, so home sales are definitely still rising.
With an increase in sales, there was also an increase in new listings on the MLS in Metro Vancouver, with 5820 new properties being added. This was an increase of 18.6% compared to April 2017 and a 30.8% increase over March 2018. Currently, there are a total of 9822 properties for sale in Vancouver.
The Sales to Active ratio for all property types for April 2018 is currently sitting at 26.3%. Detached homes are currently seeing a ratio of 14.1%, townhomes are sitting at 36.1%, and a ratio of 46% for condominiums. With these statistics, we are definitely in a seller’s market when it comes to townhomes and condos. When it comes to the detached market, it is currently balanced but on the verge of becoming a seller’s market.
Ready to jump into the market? Whether you are looking to buy, sell, or learn more about the market changes, reach out to our team today! We’ll help you make the right move!