Business shutdowns, social distancing and economic upheaval converged in April to hit the Vancouver region with a nearly 40 percent drop in home sales.
There were 1,109 homes sold in Greater Vancouver last month, a 39.4 percent drop when compared to activity a year ago, according to data released today by the region’s real estate board.
Though a significant decline in homebuying activity was already observed in the second half of March, April was the first full month that the housing market had to contend with the strict measures introduced to combat the spread of COVID-19. REBGV also reported that April sales dropped 56.1 percent when compared to March’s total and were 62.7 percent lower than the 10-year average for the month.
Activity in April 2019 was generally viewed as depressed by historic standards for the market, so rather than relying entirely on year-over-year comparisons,
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