April 2019

Reduced Demand and Increased Supply Remain the Trend Across Metro Vancouver's Housing Market

April 2019 Stats

H-Info-April-2019

Decreased demand continues to allow the supply of homes for sale to accumulate across the Metro Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,829 in April 2019, a 29.1 per cent decrease from the 2,579 sales recorded in April 2018, and a 5.9 per cent increase from the 1,727 homes sold in March 2019.

Last month’s sales were 43.1 per cent below the 10-year April sales average.

“Government policy continues to hinder home sale activity. The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing,” Ashley Smith, REBGV president said. “Suppressing housing activity through government policy not only reduces home sales, it harms the job market, economic growth and creates pent-up demand.”

There were 5,742 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2019. This represents a 1.3 per cent decrease compared to the 5,820 homes listed in April 2018 and a 16 per cent increase compared to March 2019 when 4,949 homes were listed.

The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 14,357, a 46.2 per cent increase compared to April 2018 (9,822) and a 12.4 per cent increase compared to March 2019 (12,774).

“There are more homes for sale in our market today than we’ve seen since October 2014. This trend is more about reduced demand than increased supply,” Smith said. “The number of new listings coming on the market each month are consistent with our long-term averages. It’s the reduced sales activity that’s allowing listings to accumulate.”

The overall sales-to-active listings ratio for April 2019 is 12.7 per cent. By property type, the ratio is 9.4 per cent for detached homes, 15.4 per cent for townhomes, and 15.3 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,008,400. This represents an 8.5 per cent decrease over April 2018, and a 0.3 per cent decrease compared to March 2019.

Detached home sales totalled 586 in April 2019, a 27.4 per cent decrease from the 807 detached sales in April 2018. The benchmark price for a detached home is $1,425,200. This represents an 11.1 per cent decrease from April 2018, a 0.8 per cent decrease compared to March 2019.

Apartment home sales totalled 885 in April 2019, a 32.3 per cent decrease compared to the 1,308 sales in April 2018. The benchmark price of an apartment is $656,900 in the region. This represents a 6.9 per cent decrease from April 2018 and is unchanged from March 2019.

Attached home sales totalled 358 in April 2019, a 22.8 per cent decrease compared to the 464 sales in April 2018. The benchmark price of an attached home is $783,300. This represents a 7.5 per cent decrease from April 2018 and is unchanged from March 2019.

Editor’s Note

Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

The real estate industry is a key economic driver in British Columbia. In 2018, 24,619 homes changed ownership in the Board’s area, generating $1.7 billion in economic spin-off activity and an estimated 11,720 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $26 billion in 2018.

Here are some schools that may be of interest in the following area(s):

North Vancouver : 53 schools
West Vancouver : 20 schools

Schools - Kindergarten to Grade 8

Argyle Secondary
1131 Frederick Rd
North Vancouver

Balmoral Jr Secondary
3365 Mahon Ave
North Vancouver

Blueridge Elementary
2650 Bronte Dr
North Vancouver

Bodwell Academy
955 Harbourside Dr
North Vancouver

Bodwell High School
955 Harbourside Dr
North Vancouver

Boundary Community Elementary
750 26th St E
North Vancouver

Braemar Elementary
3600 Mahon Ave
North Vancouver

Brockton Preparatory School
3467 Duval Rd
North Vancouver

Brooksbank Elementary School
980 13th St E
North Vancouver

Canyon Heights Elementary
4501 Highland Blvd
North Vancouver

Capilano Elementary
1230 20th St W
North Vancouver

Carisbrooke Elementary
510 Carisbrooke Rd E
North Vancouver

Carson Graham Secondary
2145 Jones Ave
North Vancouver

Caulfeild Elementary
4685 Keith Rd
West Vancouver

Cedardale Primary
595 Burley Drive
West Vancouver

Chartwell Elementary
1300 Chartwell Dr
West Vancouver

Cleveland Elementary
1255 Eldon Rd
North Vancouver

Collingwood School
70 Morven Dr
West Vancouver

Continuing Ed SD 44
2132 Hamilton Ave
North Vancouver

Cove Cliff Elementary
1818 Banbury Rd
North Vancouver

Cypress Park Primary
4355 Marine Dr
West Vancouver

Dorothy Lynas Elementary
4000 Inlet Cres
North Vancouver

Eagle Harbour Primary
5575 Marine Dr
West Vancouver

Eastview Elementary
1801 Mountain Hwy
North Vancouver

Ecole Andre Piolat
380 Kings Rd W
North Vancouver

Ecole Pauline Johnson Elementary
1150 22nd St
West Vancouver

Fromme Elementary
3657 Fromme Rd
North Vancouver

Gleneagles Elementary
6350 Marine Dr
West Vancouver

Handsworth Secondary School
1044 Edgewood Rd
North Vancouver

Highlands Elementary
3150 Colwood Dr
North Vancouver

Hollyburn Elementary
1329 Duchess Ave
West Vancouver

Holy Trinity School
128 27th St W
North Vancouver

Horseshoe Bay Christian School
885-22nd St
West Vancouver

Irwin Park Elementary
2455 Haywood Ave
West Vancouver

Keith Lynn Alternative Secondary School
1290 Shavington St
North Vancouver

L'ecole Francaise Int'l de Vancouver
4343 Starlight Way
North Vancouver

Larson Elementary
2605 Larson Rd
North Vancouver

Lions Gate Christian Academy
420 Seymour River Pl
North Vancouver

Lynn Valley Elementary
3207 Institute Road
North Vancouver

Lynnmour Community School
800 Forsman Ave
North Vancouver

Montroyal Elementary
5310 Sonora Dr
North Vancouver

Mulgrave School
2330 Cypress Bowl Lane
West Vancouver

Norgate Community Elementary
1295 Sowden St
North Vancouver

North Vancouver Christian Academy
2800 Mountain Hwy
North Vancouver

North Vancouver Distributed Learning Sch
2132 Hamilton Ave
North Vancouver

Plymouth Elementary
919 Tollcross Rd
North Vancouver

Queen Mary Elementary
230 Keith Rd W
North Vancouver

Queensbury Elementary
2020 Moody Ave
North Vancouver

Ridgeview Elementary
1250 Mathers Ave
West Vancouver

Ridgeway Annex
450 5th St E
North Vancouver

Ridgeway Elementary
420 8th St E
North Vancouver

Rockridge Secondary
5350 Headland Dr
West Vancouver

Ross Road Elementary
2875 Bushnell Pl
North Vancouver

Sentinel Secondary
1250 Chartwell Dr
West Vancouver

Seycove Secondary Community
1204 Caledonia Ave
North Vancouver

Seymour Heights Elementary
2640 Carnation St
North Vancouver

Sherwood Park Elementary
4085 Dollar Rd
North Vancouver

St Anthony's
595 Keith Rd
West Vancouver

St Edmund's
535 Mahon Ave
North Vancouver

St Pius X Elementary School
1150 Mount Seymour Rd
North Vancouver

St Thomas Aquinas
541 Keith Rd W
North Vancouver

Sutherland Secondary
1860 Sutherland Ave
North Vancouver

Upper Lynn Elementary
1540 Coleman St
North Vancouver

Vancouver Waldorf School
2725 St. Christophers Rd
North Vancouver

West Bay Elementary
3175 Thompson Pl
West Vancouver

West Vancouver Secondary
1750 Mathers Ave
West Vancouver

Westcot Elementary
760 Westcot Rd
West Vancouver

Westview Elementary
641 17th St W
North Vancouver

Windsor House Program
2132 Hamilton Ave
North Vancouver

Windsor Secondary
931 Broadview Dr
North Vancouver


Schools - Grade 9 to Grade 12

Argyle Secondary
1131 Frederick Rd
North Vancouver

Balmoral Jr Secondary
3365 Mahon Ave
North Vancouver

Bodwell Academy
955 Harbourside Dr
North Vancouver

Bodwell High School
955 Harbourside Dr
North Vancouver

Brockton Preparatory School
3467 Duval Rd
North Vancouver

Carson Graham Secondary
2145 Jones Ave
North Vancouver

Collingwood School
70 Morven Dr
West Vancouver

Continuing Ed SD 44
2132 Hamilton Ave
North Vancouver

Ecole Andre Piolat
380 Kings Rd W
North Vancouver

Handsworth Secondary School
1044 Edgewood Rd
North Vancouver

Horseshoe Bay Christian School
885-22nd St
West Vancouver

Keith Lynn Alternative Secondary School
1290 Shavington St
North Vancouver

Lions Gate Christian Academy
420 Seymour River Pl
North Vancouver

Mulgrave School
2330 Cypress Bowl Lane
West Vancouver

North Vancouver Christian Academy
2800 Mountain Hwy
North Vancouver

North Vancouver Distributed Learning Sch
2132 Hamilton Ave
North Vancouver

Rockridge Secondary
5350 Headland Dr
West Vancouver

Sentinel Secondary
1250 Chartwell Dr
West Vancouver

Seycove Secondary Community
1204 Caledonia Ave
North Vancouver

St Thomas Aquinas
541 Keith Rd W
North Vancouver

Sutherland Secondary
1860 Sutherland Ave
North Vancouver

Vancouver Waldorf School
2725 St. Christophers Rd
North Vancouver

West Vancouver Secondary
1750 Mathers Ave
West Vancouver

Windsor House Program
2132 Hamilton Ave
North Vancouver

Windsor Secondary
931 Broadview Dr
North Vancouver