It might not be 'multiple-offer craziness, but it's still crazy

Greater Vancouver, Fraser Valley real estate boards report 50,870 homes sold  in record-setting 2020 | Georgia Straight Vancouver's News & Entertainment  Weekly

The Metro Vancouver market is still steaming, but it is slowing down, not just locally, but across the country.

Yes, sanity appears to be returning after a wild start to spring.

The number of homes that sold in April fell by 12.5%, compared with the all-time high set in March, according to the Canadian Real Estate Association.

The Association said that 60,697 homes sold across the country last month, down from 69,702 in March, while close to 85% of all local markets, including almost all of BC, saw sales declines.

Sold Home For Sale Sign in Front of Beautiful New House. - reAdvicereAdvice

However, sales in April were still a record for the month and up 256% compared with a year ago, when the onset of COVID-19 kept people out of the market.

The national average home price was a little under $696,000 in April, up 41.9% from last year when the average price was $490,082.

Excluding Metro Vancouver and the Great Toronto areas, the national average is more than $144,000 lower.

Even though sales in many markets remain high, we appear to be seeing signs of 'buyer fatigue'.


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