Vancouver Market Slowly Returning to Historic Normal Levels
Here’s your Vancouver real estate market report for April 2022. Last month I said that people are taking a wait-and-see approach to the market right now, and that could result in a sag in prices but not a significant drop. Prices did sag slightly in some areas but continued to rise in others. Noteably, prices for detached homes in Vancouver East dropped slightly but continued to rise in Vancouver West.
Overall, There continues to be pressure on the Vancouver real estate market due mainly to continued short supply. However, inventory and demand are slowly growing closer which is resulting in a more balanced market. Prices for desireable properties continue to be slightly over asking but not to the degree we’ve seen in months past.
Take a look at the following tables of market statistics for April 2022. The percentages are plus or minus compared to the month of March 2022.
Condos & Townhouses (Attached)
(Turn your phone sideways to view this table)
| Inventory | Sold | Sale Price | Days on Market | |
| Downtown | 10% | -21% | 1% | 25% |
| Vancouver West | 11% | -23% | 7% | 13% |
| Vancouver East | 10% | -22% | 4% | 0% |
Houses (Detached)
(Turn your phone sideways to view this table)
| Inventory | Sold | Sale Price | Days on Market | |
| Vancouver West | 14% | -24% | 7% | -10% |
| Vancouver East | 5% | -38% | -1% | -11% |
Looking forward
Inventory grew by roughly 10% percent in April, and sales were down by roughly 25%. Sales prices climbed a bit. All of this indicates that prices are going to stabilize and over-asking offers will be restricted to the most desirable properties. A market-wide reduction in average list price is probably lagging behind the other indicators by a month or two.
Houses in Vancouver East will be something to watch in the coming weeks. Recent surges in price and demand saw them start to rival Vancouver West prices. I expect price and demand to level off somewhat but don’t expect any significant drops because it’s a very local market, driven by people who want to live in a desireable neighbourhood with a community feel.
Affordable options for Vancouver homebuyers
Affordability continues to be the biggest challenge to people entering the Vancouver real estate market. Recent announcements from the federal government are encouraging but real relief is still several years away. The provincial government is thinking about ways to encourage local governments to speed up the development application process. Any change on that front will be very welcome. Still, it’s hard to imagine an easy solution to provide affordable home purchase options in a city that is so highly desired.
Stay informed on changes in the Vancouver real estate market
I’m publishing a Vancouver real estate market report every month because I want my clients to be informed of the choices, risks and gains that are available to them. There’s no perfect time to enter the market as a buyer or a seller but your options become clearer as you gain focus and clarity. When you really know what you want then you can make informed decisions about price, neighbourhood, contract terms, mortgages and all the other details.
Given the trends of the last few months, do you know whether now is the right time to buy or sell? I can help you think through the options and come up with a plan. If you’re not ready to get into the market just yet, you can still stay informed by signing up for my monthly newsletter. I’ve also published a detailed Seller’s Guide that describes the entire home sales process. This 28 page guide will show you every step involved from the initial agreement work with a realtor, all the way through to a moving day checklist.
Please take advantage of these free resources. If you have any questions I’d love to help you answer them. Call me today at 604-800-3271
Download the April Vancouver Real Estate Market Reports
Photo by Andre Taissin on Unsplash