Real Estate Board of Greater Vancouver reports far fewer home sales in April but benchmark price rises
Not surprisingly, the COVID-19 pandemic had a devastating impact on the number of transactions in the Metro Vancouver housing market.
This morning, the Real Estate Board of Greater Vancouver announced a 56.1 percent decline in sales in April compared to the previous month.
The April sales were a whopping 62.7 percent below the 10-year average for that month and the lowest since the deep recession of 1982.
Listings through the multiple-listing service dropped 2.3 percent from the previous month to 9,389.
“Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” REBGV president-elect Colette Gerber said in a news release.
Then she tried to put a positive spin on the situation by saying this: “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.”
The MLS Home Price Index's benchmark price rose 0.2 percent from March to $1,036,000.
The Real Estate Board of Greater Vancouver includes Whistler, Squamish, and the Sunshine Coast.
White Rock, North Delta, Surrey, and Langley are part of the Fraser Valley Real Estate Board.