Greater Vancouver, Fraser Valley home prices post double-digit price increases amid falling sales

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      Home prices in Greater Vancouver and Fraser have posted double-digit annual price increases.

      This comes even as the number of sales fell in April.

      The composite benchmark price for all residential properties in markets covered by the Greater Vancouver real-estate board rose to $1,374,500 last month.

      In a report Tuesday (May 3), the board stated that this represents an 18.9 per cent increase over April 2021.

      Additionally, it’s a slight one percent increase compared to March 2022.

      The benchmark price for a detached home in Greater Vancouver in April this year reached $2,139,200.

      That’s a 20.8 percent increase from April 2021, and one percent more compared to March 2022.

      Townhomes ($1,150,500) and apartments ($844,700) recorded 16 percent and 25 percent annual price increases, respectively.

      As for sales in April this year, 3,232 homes changed hands.

      This marks a 34.1 percent decrease from the 4,908 sales recorded in April 2021.

      Compared to the March 2022 tally of 4,344, last month’s sales mean a 25.6 per cent decrease.

      The Greater Vancouver real-estate board covers Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

      Meanwhile, the Fraser Valley Real Estate Board indicated in a separate report May 3 a total of 1,637 sales in April 2022.

      The count represents a decrease of 45.7 percent compared to April 2021, and a 36.6 per cent decrease compared to March 2022.

      As for prices, the benchmark for a detached home stood at $1,731,000.

      This is a 33.8 percent increase compared to April 2021, and a slight 0.2 percent addition to theee March 2022 level.

      Townhomes ($902,500) and apartments ($649,500) also posted 38.3 percent and 35.6 percent annual increases, respectively.

      The FVREB covers Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.

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