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Vancouver home sales post worst April in more than a decade, board says

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(Globalpost/GlobalPost)

VANCOUVER - Home sales in one of Canada's most expensive cities posted their worst April in more than a decade, according to the Real Estate Board of Greater Vancouver.

The board said Thursday sales in Greater Vancouver through its MLS system were down 6.1 per cent at 2,627 last month compared with 2,799 in April 2012. Sales were off 11.9 per cent compared with 2,347 in March 2013.

The results were also 20.9 per cent lower than the 10-year sales average for April and the lowest for the month since 2001.

However, the real estate board said the declining sales has helped stabilize home prices in a traditionally expensive 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 sales," said board president Sandra Wyant in a statement.

New listings totalled 5,876 in April, up from 4,839 in March and 6,056 new listings a year ago.

The total number of properties listed for sale was 16,730, up 8.2 per cent form March and 1.2 per cent compared with a year ago, while the sales-to-active-listings ratio sat at 15.7 per cent.

The MLS home price index composite benchmark price for all residential properties in Greater Vancouver was $597,300, down 3.9 per cent compared with a year ago and a drop of 1.6 per cent compared to January.

http://www.globalpost.com/dispatch/news/the-canadian-press/130502/vancouver-home-sales-post-worst-april-more-decade-board-says