New Market Update!
  
Home buyer demand in Metro Vancouver returned to more historically typical levels in April.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 3,232 in April 2022, a 34.1% decrease from April 2021, and a 25.6% decrease from March 2022. Last month’s sales were 1.5% above the 10-year April sales average.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
“So far this spring, we’ve seen home sales ease down from the record-breaking pace of the last year,” Daniel John, REBGV Chair said. “While a small sample size, the return to a more traditional pace of home sales that we’ve experienced over the last two months provides hopeful home buyers more time to make decisions, secure financing and perform other due diligence such as home inspections.”
With interest rates climbing and the total inventory of homes for sale inching higher, it’s important to work with your local Realtor to understand how these factors could affect your home buying or selling situation. Call today! 📞 604-787-4691 ✉️ adam@adamlloyd.ca
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