Blog by Kevin Wong

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Metro Vancouver’s Resale Housing Market Balanced in April

Metro Vancouver’s housing resale market remained balanced last month with few sales and new listings, as homeowners seem uncertain about selling now or waiting for the market to improve, according to a Conference Board of Canada’s metropolitan resale snapshot for April.

Both sales and new listings were slightly down compared with February, as the average price of a home in the region dipped by 0.2 per cent to $735,641.

Sales fell by 1.5 per cent to 23,772 homes, or a 13 per cent drop over the same period last year. Month over month new listings fell 2.8 per cent to 53,580.

Meanwhile, house prices in Metro Vancouver are projected to continue to slide in the near future.

In the report released Thursday, the board said short-term year over year price growth expectations are falling in Vancouver, Victoria and the Fraser Valley, while rising in most other regions of the country. House prices in Calgary, for example, are forecast to climb between five and 6.9 per cent.

Nationally, the board said the resale market was evenly divided between gainers and losers in April. Sales were up from the previous month’s levels in 14 of the 28 markets covered by the report, but few markets posted sizable increases.

However, listings fell in 16 markets between March and April, and were below their April 2012 volumes in 14 areas.

“Potential home vendors seem uncertain whether this is a good time to sell their house,” the report stated, citing a sharp decline in the sales-to-listings ratio in 25 markets between March and April as further evidence of unsettled conditions.

Balanced market conditions, prevailed in 19 markets including Metro Vancouver, down from 20 in March.

Regina is the only Western market in a buyers’ state, while Windsor, Ont., is the only region in a sellers’ market.




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