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Dexter Realty Market Report

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Will April Listings Bring May Sales?Highlights of Dexter’s April 2024 report• Spike in new listings in April – 64% above last year.• Buyers slowly moving back into the market• Townhomes showed a surge in sales in April• Vancouver’s East/West divide in sales activityWith more listings, there must be more sales! Not oftentalked about but the term pent up supply is somethingthat showed to be true with the surge of listings in April.New listings came on last month like we haven’t seensince the fast-paced market of 2021. With new listings inGreater Vancouver up 41% compared to March, buyershad far more to choose from in many areas. Even withthe continued hesitation from the Bank of Canada withperhaps signs of that first interest rate cut coming furtherout, buyers have some decisions to make. Wait it out ortake advantage of long sought after listings and jump onthe almost 2% lower fixed rate mortgages that have beenavailable in 2024. Almost like the Canucks waiting for theperfect shot, buyers hesitate for a rate cut that realisticallydoesn’t impact the mortgage product of almost all buyerssince fixed rates are not tied directly to the Bank ofCanada Rate. Perhaps the Bank of Canada’s first interestrate cut is a psychological move for buyers more thananything. Ask a mortgage broker, buyers are not takingup variable rate mortgages right now. That pent updemand can only wait so long.

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On April 16 the federal government released their annualbudget. With a host of promises on building morehousing, renter protections and the biggest changeproposed being the change in how capital gains aretaxed. Going from 50% of the gains being taxed to twothirds being taxed on gains above $250,000 signals thatwealth is the target of the Federal Liberal Government.There were ripples through the property market as someowners sought to sell properties prior to the June 25thpotential change in capital gains treatment. Short termgain for long term pain. While an attempt to fundprograms and perhaps housing, this will be a disincentiveto sell property and limit an already tight housing marketfrom seeing more resale homes available for buyers.Metro Vancouver and many parts of Canada do not havea speculation problem, they have a property holdingproblem. Homeowners focus on keeping the propertiesthey purchase, and this tax change will only intensify thatfocus. And with new federal and provincial anti-flippingtaxes, again, this creates more of a disincentive to sell.Wrong policies at the wrong time. For those with theability to purchase, it will only add to the value of theproperty you buy. As much as government policy tries tochange the market, supply and demand will ultimatelydetermine what the values are.

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And for renters, expect to see landlords selling at agreater pace and less buyers investing to provideprivate rental stock in the future. Today’s policies,both federally and provincially, do not bode well forthe supply of homes going into the future. With lessstrata resale homes being built, more onerousregulations for landlords, and a signal that investmentin the property market is not welcome by ourgovernments, expect this to impact the supply ofrental and resale homes.There were 2,831 properties sold in Greater Vancouver inApril after seeing 2,415 properties sold in GreaterVancouver in March and 2,070 properties sold inFebruary this year. This was a 3% increase from the2,741 properties sold last year in April after ayear-over-year decline in March. This is the 4th straightmonth-over-month gain in the number of properties sold,showing more buyers being enticed to the market bygreater selection and adjustments to the current fixedrate mortgages. And in looking at the sales during themonth, the pace moved quicker after mid-month whichshould lead to May producing yet again amonth-over-month gain in the number of homes sold. It’slikely we could see a repeat of the sales in last May at3,400 – which would be the first month over 3,000 salessince then. With the added number of listings, there willbe more sales. Just don’t tell the Bank of Canada aftertheir reluctance to decrease its rate during the spring forfears of heating up the spring market.

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With April sales up from last year, they were 12%below the 10-year-average after being 30% below the10-year average in March and 23% below the10-year-average in February. With demand increasingand even with an increase in the number of listings,multiple offers are still occurring. Some areas andproduct types continue to be in short supply leavingbuyers with the spectre of competition. We are still notyet at balance overall in the market, but buyers havethe greatest opportunity they have seen in long time –even with interest rates where they are. Detachedhomes and condos showed the same level of sales inApril compared to last year while townhouse saleswere up 16% year-over-year.Even with the increased listings in April compared to theprevious month, there are still only 4 months supply ofhomes overall in Greater Vancouver, which had fallenfrom 5 months in February and 6 months in January.Technically this is a seller’s market, but about as streakya seller’s market as we’ve seen. It makes the Canuckslook like a model of consistency. Vancouver’s West Sidestayed at 6 months supply, even with a 54% increase inthe number of new listings in April compared to March.Vancouver’s East Side stayed at 4 months, still atechnical seller’s market, even with a 44% surge inlistings compared to March and 78% more compared toApril last year. It was the 22% increase in salesmonth-over-month that kept it at a seller’s market.Amazing how much of a divide there is within the cityitself. North Vancouver continues at 3 months supply,

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surprising given the 82% increase in the number of newlistings compared to March. Burnaby climbed to 4 monthssupply, on the heels of total sales lagging March and Aprillast year, a similar story in New Westminster. Buyer’stake note in those areas! Port Moody showed a 62%month-over-month gain in sales while new listings wereup 53% which pushed this market back to 3 month’ssupply from 4. And the small markets of Port Coquitlamand Pitt Meadows remain at 2 months supply.If it seemed like there were more for sale and openhouse signs out there, that’s because there were7,229 new listings in Greater Vancouver that cameout in April. This was way above last year’s total of4,399 new listings, producing another consecutivemonth of year-over-year increase in new listings. Andthis was the highest number of new listings by monthsince the spring of 2021, which was a real estatemarket like no other we’ve seen. Is this rush of listingsfuel for a significant increase in sales? It will certainlyadd to the number of transactions and likely keepprices relatively flat over the next few months.The number of new listings in April were 29% above the10-year average after March was at 9% below the10-year average and February was right at the 10-yearaverage. There was a feeling that many sellers werewaiting for the spring market to come before listing, andthat came to fruition in April. This is likely a result ofpent-up supply and likely some sellers reacting tochanges to government legislation for short term rental

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bans, tenancy changes, property flipping taxes andcapital gains changes – oh my. What’s changed in realestate this year? More like what hasn’t.There were 12,491 active listings in Greater Vancouver atmonth end, compared to the 10,552 actives at the end ofMarch and 9,634 at the end of February. The count ofactive listings is up significantly year-over-year though,with there being nearly 3,700 more at the end of April, or42% more than the end of April 2023. The detachedmarket overall has moved up to 6 months supply from 5.5in March, keeping it in a balanced market. Vancouver’sEast Side is bucking this trend though, sitting with 4month’s supply and producing some interesting multipleoffer sales. Townhomes remain at 3 months supply andcondos stayed at 4 months supply - keeping both inseller’s market conditions.This is not yesterday’s real estate market. And whilethe numbers overall show seller’s market conditions,savvy buyers, and sellers with the help of their Dexteragent will find market activity will depend on the areaand type of property. Look closely at the numbers tounderstand the market where you are. Absorptionrates for detached were down to 33% from 44% whiletownhouses and condos were 44% and 42% from theprevious month at 53% and 48% respectively. Theresimply are not enough townhomes being built in MetroVancouver, and this will continue to be one of themost competitive segments of the market.

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If April was the bell weather month for listings, willthose April listings translate into May sales? Or willthe continued hangover of the Bank of Canada pullingtheir interest rate carrot away from Buyers keep manyon the sidelines until that signal comes to start buying.Ask yourself if you are a buyer though, do you want towait for everyone else or take advantage of a marketthat’s finally given some choice.

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Here’s a summary of the numbers:Greater Vancouver: Total Units Sold in April were2,831 - up from 2,415 (17%) in March, up from 2,070(37%) in February, up from 2,741 (3%) in April 2023,down from 3,281 (14%) in April 2022, down from5,010 (44%) in April 2021, up from 1,119 (153%) inApril 2020, up from 1,850 (53%) in April 2019; ActiveListings were at 12,491 at month end compared to8,790 at that time last year (up 42%) and 10,552 atthe end of March (up 18%); New Listings in April wereup 41% compared to March 2024, up 64% comparedto April 2023, up 15% compared to April 2022, down10% compared to April 2021, up 201% compared toApril 2020, and up 23% compared to April 2019.Month’s supply of total residential listings is steady at4 month’s supply (seller’s market conditions) andsales to listings ratio of 39% compared to 47% inMarch 2024, 62% in April 2023, and 52% in April2022.Month-over-month, the house price index is up 0.8%and in the last 6 months up 0.8%.

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Vancouver Westside: Total Units Sold in April were471 - up from 424 (11%) in March, up from 374 (26%)in February, up from 468 (3%) in April 2023, downfrom 619 (24%) in April 2022, down from 764 (38%) inApril 2021, up from 195 (142%) in April 2020, up from342 (38%) in April 2019; Active Listings were at 2,778at month end compared to 1,992 at that time last year(up 39%) and 2,342 at the end of March (up 19%);New Listings in April were up 54% compared toMarch 2024, up 78% compared to April 2023, up 17%compared to April 2022, down 3% compared to April2021, up 235% compared to April 2020, and up 28%compared to April 2019. Month’s supply of totalresidential listings is steady at 6 month’s supply(balanced market conditions) and sales to listingsratio of 31% compared to 44% in March 2024, 56% inApril 2023, and 48% in April 2022.Month-over-month, the house price index is up 1.0%and in the last 6 months up 1.4%.

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Vancouver East Side: Total Units Sold in April were349 - up from 285 (22%) in March, up from 249 (40%)in February, up from 267 (31%) in April 2023, downfrom 355 (2%) in April 2022, down from 557 (37%) inApril 2021, up from 120 (191%) in April 2020, up from215 (62%) in April 2019; Active Listings were at 1,369at month end compared to 939 at that time last year(up 46%) and 1,198 at the end of March (up 14%);New Listings in April were up 44% compared toMarch 2024, up 78% compared to April 2023, up 28%compared to April 2022, down 17% compared to April2021, up 248% compared to April 2020, and up 45%compared to April 2019. Month’s supply of totalresidential listings is steady at 4 month’s supply(seller’s market conditions) and sales to listings ratioof 41% compared to 48% in March 2024, 55% in April2023, and 53% in April 2022.Month-over-month, the house price index is up 1.0%and in the last 6 months up 0.4%.

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North Vancouver: Total Units Sold in April were 248 -up from 187 (33%) in March, up from 163 (52%) inFebruary, up from 218 (14%) in April 2023, down from275 (10%) in April 2022, down from 478 (48%) in April2021, up from 96 (158%) in April 2020, up from 149(66%) in April 2019; Active Listings were at 711 atmonth end compared to 495 at that time last year (up44%) and 523 at the end of March (up 36%); NewListings in April were up 82% compared to March2024, up 82% compared to April 2023, up 28%compared to April 2022, down 10% compared to April2021, up 173% compared to April 2020, and up 18%compared to April 2019. Month’s supply of totalresidential listings is steady at 3 month’s supply(seller’s market conditions) and sales to listings ratioof 41% compared to 56% in March 2024, 66% in April2023, and 58% in April 2022.Townhouse new listings were double the amount ofApril 2023 yet remain with only 2 months supply, whilecondo inventory saw the biggest jump on the NorthShore pushing that segment to 3 months supply.Month-over-month, the house price index is down0.1% and in the last 6 months no change.

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West Vancouver: Total Units Sold in April were 70 -up from 53 (32%) in March, up from 56 (25%) inFebruary, up from 69 (1%) in April 2023, down from72 (3%) in April 2022, down from 116 (40%) in April2021, up from 29 (141%) in April 2020, up from 48(46%) in April 2019; Active Listings were at 628 atmonth end compared to 491 at that time last year (up28%) and 560 at the end of March (up 12%); NewListings in April were up 56% compared to March2024, up 60% compared to April 2023, up 21%compared to April 2022, up 2% compared to April2021, up 209% compared to April 2020, and up 19%compared to April 2019. Month’s supply of totalresidential listings is down to 9 month’s supply(buyer’s market conditions) and sales to listings ratioof 24% compared to 28% in March 2024, 38% in April2023, and 30% in April 2022.Month-over-month, the house price index is up ashocking 31% but in the last 6 months down 1.2%.

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Richmond: Total Units Sold in April were 336 - upfrom 279 (20%) in March, up from 231 (45%) inFebruary, down from 338 (1%) in April 2023, downfrom 426 (21%) in April 2022, down from 668 (56%) inApril 2021, up from 137 (145%) in April 2020, up from172 (109%) in April 2019; Active Listings were at1,339 at month end compared to 1,062 at that timelast year (up 26%) and 1,166 at the end of March (up15%); New Listings in April were up 38% compared toMarch 2024, up 52% compared to April 2023, up 1%compared to April 2022, down 23% compared to April2021, up 213% compared to April 2020, and up 10%compared to April 2019. Month’s supply of totalresidential listings is steady at 4 month’s supply(seller’s market conditions) and sales to listings ratioof 44% compared to 50% in March 2024, 67% in April2023, and 56% in April 2022.Townhomes and condo listings saw the slowestgrowth in this municipality keeping them at 3 monthssupply while detached homes are up to 6 months.Month-over-month, the house price index is down0.4% and in the last 6 months up 0.7%.

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Burnaby East: Total Units Sold in April were 30 -down from 32 (6%) in March, up from 25 (20%) inFebruary, down from 34 (12%) in April 2023, downfrom 40 (25%) in April 2022, down from 76 (61%) inApril 2021, up from 12 (150%) in April 2020, up from15 (100%) in April 2019; Active Listings were at 114 atmonth end compared to 76 at that time last year (up50%) and 101 at the end of March (up 13%); NewListings in April were up 25% compared to March2024, up 43% compared to April 2023, down 4%compared to April 2022, down 41% compared to April2021, up 106% compared to April 2020, and up 16%compared to April 2019. Month’s supply of totalresidential listings is up to 4 month’s supply (seller’smarket conditions) and sales to listings ratio of 45%compared to 60% in March 2024, 81% in April 2023,and 58% in April 2022.Townhouse supply is the scarcest while keeping it at 2months supply while detached homes are now at 6months. Month-over-month, the house price index isup 0.6% and in the last 6 months up 1.7%.

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Burnaby North: Total Units Sold in April were 162 -up from 109 (49%) in March, up from 121 (34%) inFebruary, down from 176 (8%) in April 2023, downfrom 164 (1%) in April 2022, down from 316 (49%) inApril 2021, up from 40 (305%) in April 2020, up from81 (100%) in April 2019; Active Listings were at 700at month end compared to 415 that time last year (up69%) and 535 at the end of March (up 31%); NewListings in April were up 53% compared to March2024, up 77% compared to April 2023, up 33%compared to April 2022, down 0.5% compared to April2021, up 240% compared to April 2020, and up 65%compared to April 2019. Month’s supply of totalresidential listings is down to 4 month’s supply(seller’s market conditions) and sales to listings ratioof 35% compared to 36% in March 2024, 67% in April2023, and 47% in April 2022.Condo sales are almost double that of March after thepush of new listings in March, dropping inventorydown to 4 months supply even with overall growth inactive listings. Month-over-month, the house priceindex is up 0.1% and in the last 6 months down 0.5%.

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Burnaby South: Total Units Sold in April were 143 -up from 142 (1%) in March, up from 109 (31%) inFebruary, down from 215 (33%) in April 2023, downfrom 186 (23%) in April 2022, down from 268 (47%) inApril 2021, up from 55 (160%) in April 2020, up from97 (47%) in April 2019; Active Listings were at 537 atmonth end compared to 385 at that time last year (up39%) and 446 at the end of March (up 20%); NewListings in April were up 33% compared to March2024, up 22% compared to April 2023, down 4%compared to April 2022, down 28% compared to April2021, up 210% compared to April 2020, and up 15%compared to April 2019. Month’s supply of totalresidential listings is up to 4 month’s supply (seller’smarket conditions) and sales to listings ratio of 44%compared to 58% in March 2024, 81% in April 2023,and 55% in April 2022.Sales overall down to last year, with condo sales lessthan March and April last year. An area of opportunity.Month-over-month, the house price index is up 1.0%and in the last 6 months up 1.0%.

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New Westminster: Total Units Sold in April were 105- down from 108 (3%) in March, up from 79 (33%) inFebruary, down from 113 (7%) in April 2023, downfrom 134 (22%) in April 2022, down from 199 (47%) inApril 2021, up from 61 (72%) in April 2020, down from108 (3%) in April 2019; Active Listings were at 408 atmonth end compared to 238 at that time last year (up71%) and 350 at the end of March (up 17%); NewListings in April were up 17% compared to March2024, up 54% compared to April 2023, up 21%compared to April 2022, down 17% compared to April2021, up 183% compared to April 2020, and down13% compared to April 2019. Month’s supply of totalresidential listings is up to 4 month’s supply (seller’smarket conditions) and sales to listings ratio of 42%compared to 51% in March 2024, 70% in April 2023,and 65% in April 2022.Detached sales down 50% to March and off lastyear’s total, pushing this segment into a buyer’smarket. Month-over-month, the house price index isup 0.1% and in the last 6 months up 1.5%.

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Coquitlam: Total Units Sold in April were 238 - upfrom 235 (1%) in March, up from 189 (26%) inFebruary, up from 210 (13%) in April 2023, down from279 (15%) in April 2022, down from 362 (34%) in April2021, up from 93 (156%) in April 2020, up from 153(56%) in April 2019; Active Listings were at 802 atmonth end compared to 405 at that time last year (up62%) and 663 at the end of March (up 21%); NewListings in April were up 29% compared to March2024, up 62% compared to April 2023, up 12%compared to April 2022, down 11% compared to April2021, up 190% compared to April 2020, and up 18%compared to April 2019. Month’s supply of totalresidential listings is steady at 3 month’s supply(seller’s market conditions) and sales to listings ratioof 43% compared to 55% in March 2024, 62% in April2023, and 57% in April 2022.With townhouse listings slow to come to market inApril, sales fell off. While up to 3 months supply, it isstill a seller’s market. Month-over-month, the houseprice index is up 0.3% and in the last 6 months up0.7%.

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Port Moody: Total Units Sold in April were 73 - upfrom 45 (62%) in March, up from 46 (59%) inFebruary, down from 91 (20%) in April 2023, up from66 (11%) in April 2022, down from 126 (42%) in April2021, up from 28 (161%) in April 2020, up from 60(22%) in April 2019; Active Listings were at 203 atmonth end compared to 166 at that time last year (up22%) and 160 at the end of March (up 27%); NewListings in April were up 53% compared to March2024, up 61% compared to April 2023, down 35%compared to April 2022, down 9% compared to April2021, up 188% compared to April 2020, and up 11%compared to April 2019. Month’s supply of totalresidential listings is down to 3 month’s supply(seller’s market conditions) and sales to listings ratioof 45% compared to 43% in March 2024, 91% in April2023, and 55% in April 2022.Townhouse sales were the highest since 2021 withlimited listings coming on pushed that segment to 1month supply – time to push for more supply. Withonly 68 in preliminary planning and 2 projects rejectedand withdrawn, there’s little relief coming in this familycentric community. Month-over-month, the houseprice index is up 2.1% and in the last 6 months down0.6%.

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Port Coquitlam: Total Units Sold in April were 102 -up from 89 (15%) in March, up from 64 (59%) inFebruary, up from 76 (34%) in April 2023, down from117 (13%) in April 2022, down from 167 (39%) in April2021, up from 42 (143%) in April 2020, up from 67(52%) in April 2019; Active Listings were at 254 atmonth end compared to 137 at that time last year (up85%) and 213 at the end of March (up 19%); NewListings in April were up 36% compared to March2024, up 146% compared to April 2023, down 1%compared to April 2022, down 27% compared to April2021, up 144% compared to April 2020, and down 3%compared to April 2019. Month’s supply of totalresidential listings is steady at 2 month’s supply(seller’s market conditions) and sales to listings ratioof 54% compared to 64% in March 2024, 97% in April2023, and 61% in April 2022.Detached sales surged, up 75% year-over-year withtownhouse and condo sales not far behind. With only20 townhomes planned in this community, supply willbe scarce in the years to come – can you say missingmiddle? Month-over-month, the house price index isup 1.3% and in the last 6 months up 1.6%.

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Pitt Meadows: Total Units Sold in April were 32 - upfrom 29 (10%) in March, up from 23 (39%) inFebruary, up from 27 (19%) in April 2023, down from45 (29%) in April 2022, down from 48 (33%) in April2021, up from 19 (68%) in April 2020, up from 28(14%) in April 2019; Active Listings were at 71 atmonth end compared to 84 at that time last year(down 15%) and 66 at the end of March (up 8%); NewListings in April were up 36% compared to March2024, up 5% compared to April 2023, down 2%compared to April 2022, down 17% compared to April2021, up 84% compared to April 2020, and down 21%compared to April 2019. Month’s supply of totalresidential listings is steady at 2 month’s supply(seller’s market conditions) and sales to listings ratioof 56% compared to 69% in March 2024, 50% in April2023, and 77% in April 2022.Month-over-month, the house price index is up 0.9%and in the last 6 months up 4.9%.

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Maple Ridge: Total Units Sold in April were 191 - upfrom 187 (2%) in March, up from 145 (32%) inFebruary, up from 161 (19%) in April 2023, down from166 (15%) in April 2022, down from 342 (44%) in April2021, up from 82 (133%) in April 2020, up from 124(54%) in April 2019; Active Listings were at 817 atmonth end compared to 506 at that time last year (up61%) and 714 at the end of March (up 14%); NewListings in April were up 19% compared to March2024, up 71% compared to April 2023, down 4%compared to April 2022, down 1% compared to April2021, up 193% compared to April 2020, and up 30%compared to April 2019. Month’s supply of totalresidential listings is steady at 4 month’s supply(seller’s market conditions) and sales to listings ratioof % 43compared to 50% in March 2024, 62% in April2023, and 36% in April 2022.Month-over-month, the house price index is up 1.8%and in the last 6 months up 1.7%.

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Ladner: Total Units Sold in April were 33 - up from 30(10%) in March, up from 23 (43%) in February, downfrom 43 (23%) in April 2023, down from 34 (3%) inApril 2022, down from 74 (59%) in April 2021, up from17 (94%) in April 2020, up from 29 (14%) in April2019; Active Listings were at 121 at month endcompared to 100 at that time last year (up 21%) and90 at the end of March (up 34%); New Listings in Aprilwere up 49% compared to March 2024, up 36%compared to April 2023, down 41% compared to April2022, down 14% compared to April 2021, up 119%compared to April 2020, and up 22% compared toApril 2019. Month’s supply of total residential listingsis up to 4 month’s supply (seller’s market conditions)and sales to listings ratio of 42% compared to 57% inMarch 2024, 74% in April 2023, and 61% in April2022.Month-over-month, the house price index is up 1.5%and in the last 6 months up 1.4%.

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Tsawwassen: Total Units Sold in April were 51 - upfrom 34 (50%) in March, up from 38 (34%) inFebruary, down from 54 (6%) in April 2023, up from46 (11%) in April 2022, down from 82 (38%) in April2021, up from 24 (113%) in April 2020, up from 18(183%) in April 2019; Active Listings were at 204 atmonth end compared to 167 at that time last year (up22%) and 172 at the end of March (up 19%); NewListings in April were up 51% compared to March2024, up 45% compared to April 2023, up 30%compared to April 2022, down 14% compared to April2021, up 149% compared to April 2020, and down 2%compared to April 2019. Month’s supply of totalresidential listings is down to to 4 month’s supply(seller’s market conditions) and sales to listings ratioof 48% compared to 48% in March 2024, 73% in April2023, and 56% in April 2022.Townhouse inventory is showing little growth withmost new product sold out and little on the way.Month-over-month, the house price index is up 1.5%and in the last 6 months up 3.2%.

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Fraser Valley: Sales in April were up 5.4%,compared to March and were down 5.3% from April2023. New listings were up 33.2% from March and up60.5% from April 2023. The average price was down1.0% month-over-month and is up 1.8%year-over-year. Active listings were up 18.0% to 7,313from 6,197 last month and up 57.9% from April 2023which was at 4,632. Like Greater Vancouver, listingssurged in April for the Fraser Valley real estatemarket, a great opportunity for buyers.“We are seeing a relatively calm and balanced marketright now,” said Jeff Chadha, Chair of the FraserValley Real Estate Board. “Which means buyers havetime to shop around and purchase a home without thepressure of a few years ago, and while prices areholding fairly steady across all property types.”

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Download April Sales andListings Statistics All RegionalDownload April Sales andListings Statistics HousesTownhouses CondosKevin SkipworthPartner/Broker and Chief Economist at DexterRealtyWant to know more? we'd be happy to assist.Simply drop us an email atinfo@dexterrealty.com or give us a call at604.263.1144. Our team will connect you to alocal Dexter agent or refer you through ournetwork outside Metro Vancouver.