April 2018 Real Estate Market Updates for Greater Vancouver
Sales in April 2018:
- For the third straight month, year-over-year sales across Greater Vancouver were down, with the 2,600 sales in April 2018 sitting 27% below the number recorded in April 2017.
- Having said that, sales were actually up by 3% versus one month earlier, and this compares to the typical seasonal bump of 2%. This increase was led by detached sales, which rose 12% between March and April; in comparison, townhome sales were up only 0.3%, while condo sales dipped by 3%.
Listings in April 2018:
- Inventories for all product types rose in the Greater Vancouver board area in April 2018, with detached listings up 18%, townhome listings up 12%, and condo listings up 14% compared to April 2017.
- Overall, inventory was up year-over-year by 16%; however, compared to the past-decade April average, inventory was still down 30%.
- The detached market is currently balanced. While conditions continue to remain favourable to sellers of multi-family product types, upward price pressure in the multi-family segment eased in April.
