Vancouver Real Estate Market Update For April 2022!

A 23.9% decrease from the sales recorded in March 2021, a 26.9% increase from the homes sold in February 2022, and sales 25.5 percent above the 10-year March sales average. Find out what it all means in this month's Vancouver real estate market update video for April 2022.

This is your Vancouver real estate market update for April 2022 and we’re getting into it right after this.

Hey, everyone. I’m Craig Veroni with RE/MAX Masters Realty. I’m your local real estate agent here in Vancouver, BC. In today’s video, I’m going to cover what’s happened in the Vancouver real estate market through the month of March and what might be coming that could affect that market.

I shoot a ton of videos about what it’s like to live, love, and own here in Vancouver so, if you haven’t yet, please hit that subscribe button, and don’t forget to click on that bell so you can be notified immediately when I have a new video out. I really want you to be able to stay up to date on all the latest tips and insights into the Vancouver real estate market so you can become an expert too.

So, let’s jump into it. The Real Estate Board of Greater Vancouver reports that residential home sales in the region saw a 23.9 percent decrease from the sales recorded in March 2021, and a 26.9 percent increase from the homes sold in February 2022. 

Last month’s sales were 25.5 percent above the 10-year March sales average. 

We have to remember that March of 2021 was the highest selling month in our history. So, while this year’s activity is still elevated, it is happening at a calmer pace than we experienced last March. Homebuyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,360,500. This represents a 20.7 percent increase over March 2021 and a 3.6 percent increase compared to February 2022. 

We’re still seeing upward pressure on prices across all housing categories in the region and the lack of supply is driving this pressure. The number of homes listed for sale on our MLS® system today is less than half of what’s needed to shift the market into balanced territory.

If you want to stay on top of the market, whether you’re buying or selling a home, knowledge is key and the Snap Stats market reports are a fantastic way to arm yourself with tons of knowledge on your market area.

To download the full market reports simply click on the images below to get the Metro Vancouver, Greater Vancouver, or, Fraser Valley reports.

If you’re watching this on Youtube, down in the description section is a link to a sample report which I send to my clients on a monthly basis. Feel free to review that and if it’s something you find of value, and trust me you’re going to love these reports, you can simply fill out your name and email address to start receiving the reports monthly.

What’s Coming?

Holy crazy announcements, Batman! The provincial government is moving forward with its plans to introduce a mandatory, cooling-off period for re-sale homes (except they’re now calling it the homebuyer protection period) and the Federal government is going to ban any foreign ownership of housing for 2 years.

The Federal government's announcement will do absolutely nothing to blunt housing prices in Canada. The Provincial government’s plans for a cooling-off period will definitely have an impact on the real estate market here in BC.

The government is going to amend the Property Law Act and there is still no word on how this will be implemented, or what sort of penalties, if any, there will be for buyers who make frivolous offers.

A recent independent survey of 1,157 British Columbians shows that only 35 percent of consumers support introducing a cooling-off period. We know that this decision by the government was done without any consultation or publicly stated and evidence-based research so, it's no wonder that consumers don't have confidence in what they've proposed.