Metro Vancouver Real Estate Market Update: April 2022

The Metro Vancouver real estate market returned to more historically typical levels in April 2022, with sales slowing while home prices continued to rise and inventory increased.

According to the Real Estate Board of Greater Vancouver (REBGV), 3,232 residential homes sold in Metro Vancouver in April 2022. That was a 34.1% decrease from April 2021 and a 25.6% decrease from March 2022.

Despite the decline, April sales were 1.5% above the 10-year average for the month.

Metro Vancouver Real Estate Market at a Glance

• 3,232 homes sold
• 6,107 new listings
• 8,796 active listings
• $1,374,500 benchmark home price
• 18.9% year-over-year price increase
• 36.7% sales-to-active-listings ratio

Metro Vancouver Home Sales in April 2022

For example, there were 6,107 new listings across Metro Vancouver in April 2022, down 23.1% from April 2021 and 8.5% from March 2022.

Active listings totaled 8,796, which was 14.1% lower than April 2021 but 15.3% higher than March.

Furthermore, for buyers, the increase in available inventory was an important change from the extremely competitive conditions seen earlier in the year.

Metro Vancouver Home Prices

Additionally, despite fewer sales, home prices continued to climb.

The MLS® Home Price Index benchmark price for all residential properties reached $1,374,500, up 18.9% from April 2021 and 1% from March 2022.

By property type:

Buyer Demand in Metro Vancouver

The sales-to-active-listings ratio for Metro Vancouver was 36.7% in April.

By property type:

• Detached: 25.3%
• Townhomes: 47.1%
• Apartments: 45.0%

Generally, sustained ratios above 20% indicate upward pressure on home prices, while ratios below 12% can signal downward pressure.

However, April’s numbers showed that demand remained strong, even as the market began moving toward more typical levels of activity.

What the April 2022 Market Meant for Buyers and Sellers

For buyers, increasing inventory meant more choice compared with earlier in 2022, although rising interest rates were beginning to affect affordability.

For sellers, demand remained strong and prices continued to increase, but the market was becoming more balanced. Pricing a home correctly and having a strong marketing strategy were becoming increasingly important.

Final Thoughts

April 2022 was an important transition point for the Metro Vancouver real estate market. Sales were returning to more typical levels, inventory was increasing and interest rates were beginning to influence buyer behaviour.

As always, the broader Metro Vancouver numbers only tell part of the story. Your neighbourhood, property type and price range can make a big difference.