Reduced demand and increased supply remain the trend across Metro Vancouver\u2019s housing market<\/p>\n
VANCOUVER, BC \u2013 May 2, 2019 \u2013 Decreased demand continues to allow the supply of
\nhomes for sale to accumulate across the Metro Vancouver* housing market.<\/p>\n
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.<\/p>\n
Last month\u2019s sales were 43.1 per cent below the 10-year April sales average.<\/p>\n
\u201cGovernment policy continues to hinder home sale activity. The federal government\u2019s mortgage stress test has reduced buyers\u2019 purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing,\u201d Ashley Smith, REBGV president said. \u201cSuppressing housing activity through government policy not only reduces home sales, it harms the job market, economic growth and creates pent-up demand.\u201d<\/p>\n
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