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Greater Vancouver home sales down in April: board

Click to play video: 'Home sales in Metro Vancouver return to traditional levels, providing opportunities for buyers' Home sales in Metro Vancouver return to traditional levels, providing opportunities for buyers
Rising interest rates have helped push Metro Vancouver home sales down from last year's record pace - but that doesn't mean prices are dropping. Still, as Catherine Urquhart reports, there are some positive developments for those looking to get into the market. – May 3, 2022

The Real Estate Board of Greater Vancouver says home sales in the region fell in April and returned to more historically typical levels for the month.

The board says residential home sales in the region totalled 3,232 in April, down from 4,908 in April 2021 and 4,344 homes in March 2022.

The April sales were 1.5 per cent above the 10-year sales average for the month.

REBGV chair Daniel John says the return to a more traditional pace of home sales over the last two months provides hopeful homebuyers more time to make decisions, secure financing and perform other due diligence such as home inspections.

Read more: 63% of Canadian non-owners have ‘given up’ on ever buying a home: Ipsos

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The board says there were 6,107 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service in Metro Vancouver in April, down 23.1 per cent compared with April 2021 and down 8.5 per cent compared with March 2022.

The sales came as the MLS home price index composite benchmark price for all residential properties in Metro Vancouver was $1,374,500, up 18.9 per cent over April 2021 and a one per cent increase compared with March this year.

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