Real estate sales continued to set records through April

May 4, 2016

Real estate sales continued to set records through April - while signs of typical seasonal changes have begun to appear.

In North and West Vancouver, sales were up 6.6% and 6% respectively over April of 2015. That said, sales were down from the previous month (March 2016) 10.5% and 20% respectively. It is typical to see a seasonal drop from March to April, though likely the unsustainability of the record sales growth from earlier in the year is playing a part.

The improving weather (and gardens) of the spring usually bring an increase of new listings and greater balance. In West Vancouver new listings were up 12% vs April 2015 and 7.8% vs March 2016. Relative to sales (+6%/-10% respectively) this should help stabilize the upward pressure on pricing, though total listings finished the month 32% below April of 2015, so a much greater shift is needed to see true balance. In North Vancouver, we have yet to see a similar change in new listings (-8.3% vs April 2015 and -5.8% vs March 2016).

Although there continues to be record sales and select properties selling significantly over the list price – it is not market wide. We are seeing examples of properties not selling with multiple offers, selling at list price or below, or requiring price changes (both down for the market and up to sellers’ expectations) - all indications of an unpredictable market out of equilibrium.

Click here to read the Real Estate Board of Greater Vancouver's stats report.