Metro Vancouver home sales down 39.4 per cent in April to near 40-year low

VANCOUVER — The Real Estate Board of Greater Vancouver says home sales dropped by 39.4 per cent in April from a year earlier to hit an almost four-decade low.

The board says there were a total of 1,109 home sales in the month, down from the 1,829 sales a year earlier as activity was hit by a full month of physical distance restrictions related to COVID-19.

The Real Estate Board of Greater Vancouver says sales totalled 1,109 in April, a 39.4% decrease y/y and a 56.1% decrease from March. “Last month’s sales were 62.7 per cent below the 10-year April sales average and the lowest total for the month since 1982.” pic.twitter.com/vMJSw74u8C

— Richard Dettman (@rwdettman) May 4, 2020

It says the sales total was 62.7 per cent below the 10-year average for April and the lowest total for the month since 1982.

“Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” Colette Gerber, REBGV’s president-elect said in a release. “People are, however, adapting. They’re working with their Realtors to get information, advice and to explore their options so that they’re best positioned in the market during and after this pandemic.”

New home listings were down by 59.7 per cent to 2,313 in April compared with a year earlier, while the total number of active listings was down 34.6 per cent compared with April 2019.

“We’re seeing more innovation in today’s market, with Realtors using different technology to showcase homes virtually, assess neighbourhood amenities with their clients and handle paperwork electronically,” Gerber said.

The board says the sales-to-active listings ratio was 11.8 per cent, just nudging into the level analysts consider as signalling potential for downward pressure on prices.

Prices however held for April with the composite benchmark index price up 2.5 per cent from a year earlier, and up 0.2 per cent from March, at $1.04 million.