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.

Original Article from: Straight

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.