Residential Real Estate Sales in Vancouver Hit Lowest Level Since 2001

According to figures from the Real Estate Board of Metro Vancouver, the number of home sales in Vancouver has fallen to its lowest level since 2001. In April, sales in Metro Vancouver reached 2,799, which is 13.2% lower than April last year when sales reached 3,225. This figure is also 2.6% lower than in March 2012. The ten-year April sales average is 3,369, and the figures for this year are 16.9% lower than normal.

Last month there were 1,126 detached homes sold, a drop of 19.7% on the 1,402 home sold last April. In spite of the decline in sales, the benchmark price of detached properties has risen during this period, increasing 6.3% to reach $1,064.800. The average price for residential property in Vancouver is $683,800, up by 3.7% compared to April 2011, and up by 2.8% over the last three months.

The benchmark price for a detached home in Vancouver West was $2.27 million, while in Vancouver West the price was $1.98 million in April. Last month, the benchmark price of an apartment rose by1.1% to reach $375,000, while average townhouse prices rose by 1.7% to reach $487,300.

There has been a lot of speculation about the real estate market in Vancouver, as there are worries a property bubble may be forming. In spite of sales levels being below average, the property market is still seeing a balanced relationship between sellers and buyers.