Despite the fact that the number of property listings is still lower than historical averages, the Metro Vancouver housing market has experienced an unexpected resurgence with home sales reaching levels similar to those observed in the spring of the previous year. The Real Estate Board of Greater Vancouver (REBGV) has reported that in April 2023, there were a total of 2,741 residential home sales in the region, which is a decline of 16.5% from the 3,281 sales recorded in April 2022 and 15.6% below the 10-year average for this season (3,249).
In April 2023, the number of detached homes sold reached 808, which is a 16.3% decrease from the 965 sales recorded in April 2022. The benchmark price for detached properties was $1,915,800. This reflects an 8.8% decline from April 2022, and a 2.9% increase compared to March 2023.
Sales of apartment homes reached 1,413 in April 2023, representing a 16.5% decrease compared to the 1,693 sales recorded in April 2022. The benchmark price for an apartment property was $752,300, reflecting a 3.1% decline from April 2022 and a 2% increase compared to March 2023.
In April 2023, 500 attached homes were sold, which is a 13.5% decline compared to the 578 sales in April 2022. The benchmark price for an attached unit was $1,078,400, representing a 6.1% decrease from April 2022, and a 2.1% increase compared to March 2023.
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