The spring sales slump continued in April, with sales down 24% compared to last April. Inventory is 60% above the 10-year average, and there haven’t been this many active listings since July 2013.
This is rather unusual, given the significantly improved borrowing rates, which typically boost sales. However, the Canadian election at the end of April and Trump’s “tariff tantrums” have caused buyers to pause and wait for stability.
As we move into May, there has been a slight increase in activity, especially in well-priced homes under $1.5 million. North Vancouver detached remains one of the only competitive neighbourhoods, though even the in Sellers market North Vancouver’s benchmark pricing decline by 2.5% from March.
With the Canadian election behind us, borrowing costs at their most attractive levels in years, ample inventory to choose from, and a balanced market across the region, smart buyers will recognize there is opportunity for those who will take it.