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Vancouver Housing Bubble: Sales Drop From April 2012

The Vancouver housing bubble continues to burst with the news that home sales dropped 6.1 per cent in April from the previous year.

Residential property sales in April fell to 2,627, down from 2,799 in April 2012. They do, however, represent an 11.9 per cent increase from March, which saw 2,347 home sales, the Real Estate Board of Greater Vancouver (REBGV) said in a Thursday news release.

April's numbers equal the lowest total for the month since 2001, and they're 20.9 per cent below the 10-year sales average, but the Real Estate Board says the trend shows a closer relationship between home buyer demand and the supply of homes for sale.

"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 sale. This is having a steadying influence on home prices in the region," Sandra Wyant, REBGV's president, said in the news release.

New listings for condos, townhomes and single-family detached homes in Greater Vancouver totaled 5,876 in April, down from 6,056 a year ago. But total MLS listings reached 16,730, which was actually up 1.2 per cent from the previous year, and listings also jumped 8.2 per cent from March.

The news comes just weeks after housing analyst Ben Rabidoux delivered a talk in Vancouver in which he said that a falling national housing market has the potential to drag Canada's economy down with it.

He noted that Vancouver is seeing record MLS listings despite some of its worst monthly home sales in a decade.

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