The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,822, a 25.7% increase compared to April 2017 and a 17.2% increase compared to March 2018.
“Home buyers have more breathing room this spring. They have more selection to choose from and less demand to compete against,” Moore said.
For all property types, the sales-to-active listings ratio for April 2018 is 26.3%. By property type, the ratio is 14.1% for detached homes, 36.1% for townhomes, and 46.7% for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,092,000. This represents a 14.3% increase over April 2017 and a 0.7% increase compared to March 2018.