In April, the benchmark price for detached homes, condos and townhouses dropped month over month for the 11th consecutive time
The benchmark price, which is an industry representation of the typical home sold in an area, decreased to $1,008,400 last month, down 8.5 per cent from a year earlier, the Real Estate Board of Greater Vancouver said Thursday.The board reported that there were 1,829 sales in April for various housing types, down 29.1 per cent compared with 2,579 properties that changed hands in the same month in 2018.
“Government policy continues to hinder home sale activity. The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing,” board president Ashley Smith said in a statement.
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