Residential property sales on the Multiple Listing Service in Greater Vancouver were 2,627 in April – a drop of 11.9% compared with the 2,347 sales recorded in March, according to Canadian Real Estate Association (CREA) data released yesterday.
Year-over-year, this represents a decrease of 6.1% from 2,799 sales in April 2012.
Last month saw the lowest-recorded April sales in the area since 2001, with sales 20.9% below the 10-year average for the month.
However, the Real Estate Board of Greater Vancouver (REBGV) said that the decline was not adversely affecting the market.
"While the number of home sales remains below average, properties that are priced right are selling and we're seeing greater balance between buyer demand and the number of homes listed for sale," said REBGV president Sandra Wyant.
"This is having a steadying influence on home prices in the region."
There were 5,876 new listings for detached, attached and apartment properties in Greater Vancouver in April 2013 – a 3% decline compared with the 6,056 new listings in April 2012. This does, however, represent an increase of 21.4% compared with March 2013, which had 4,839 new listings.
Canada-wide, home sales were up 0.6% in April compared with the previous month, and down 3.1% year-over-year.
BMO chief economist Doug Porter said that the CREA data shows that across Canada, key real-estate metrics are "fully in line with a well-tamed market."
"Sales to listings stand at just over the 50% line, and the backlog of unsold homes is now at an unremarkable 6.6 months," he said.
