To compare how far the local sales activity has fallen, we just need to see the March numbers. There was a total of 6,717 residential unit sales were recorded by the Multiple Listing Service (MLS) in March, an increase of 17.2 per cent from March 2019. The average residential price in BC was $789,548, a 15.1 percent increase from $685,892 recorded the previous year. Total sales dollar volume in March was $5.3 billion, a 35 per cent increase over 2019.

By DESIBUZZCanada Staff With News Files

VANCOUVER – Home sales hit a low it hasn’t seen since 1982 with April sales barely missing three digits.

The full COVID-19 impact hit Metro Vancouver’s real estate market with 1,109 homes sold in the region last month, the lowest April sales totals since 1982.

“For the whole month of April I got one phone call,” said Vancouver realtor David Hutchinson, who has five active listings. “People are on the sidelines a lot more. They’re watching the news, they don’t know what to do. So basically everything is standby mode. They’re just waiting to see what happens.”

And its not just buyers who are taking a wait-and-see approach, sellers are few and far between. There were 2,313 properties newly listed for sale in Metro Vancouver in April. That’s a 59.7 percent decrease compared to April 2019, and a 47.9 percent decrease compared to March 2020, reported CTV News.

“Sellers are far more cautious than buyers right now, because sellers have more to lose, ‘cause its their home,” said Vancouver agent Keith Roy. But he did find a buyer for one of his clients.

After reducing the price just over seven per cent, Roy got four offers on a home on Southwest Marine Drive during the last week of April. It’s under contract with condition removal expected in mid-May.

To compare how far the local sales activity has fallen, we just need to see the March numbers. There was a total of 6,717 residential unit sales recorded by the Multiple Listing Service (MLS) in March, an increase of 17.2 percent from March 2019. The average residential price in BC was $789,548, a 15.1 percent increase from $685,892 recorded the previous year. Total sales dollar volume in March was $5.3 billion, a 35 per cent increase over 2019.

“Provincial housing markets started the month very strong before the COVID-19 pandemic put a halt to activity,” said BCREA Chief Economist Brendon Ogmundson. “Activity will slow considerably in April as households and the real estate sector implement measures necessary to mitigate the spread of this virus.”

“While we don’t know when this unprecedented period will end, markets will be boosted by pent-up demand and historically low interest rates when it does,” added Ogmundson. “The ultimate strength of the recovery will depend on how long the economy remains effectively shut down, as well as the efficacy of federal and provincial measures to bridge households through the financial difficulties brought on by the pandemic.”

Year-to-date, BC residential sales dollar volume was up 37.1 per cent to $12.9 billion, compared with the same period in 2019. Residential unit sales increased 21.7 percent to 16,866 units, while the average MLS^® residential price was up 12.6 per cent to $763,031.