Typical Spring Market in Greater Vancouver

VANCOUVER, B.C. - May 3, 2011 - Greater Vancouver saw a typical, solid month of residential home sales on the Multiple Listing Service® (MLS®) in April, in contrast to the near record pace witnessed in the two preceding months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2% decrease compared to the 3,512 sales in April 2010 and a 21% decline compared to the 4,080 sales in March 2011.

Looking back further, last month's residential sales represent an 8.8% increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8% decline compared to the 3,387 sales in April 2007.

"While it continues to be a seller's market in Greater Vancouver, last month's activity brought greater balance between supply and demand in the overall marketplace," Rosario Setticasi, REBGV president said. "The year-over-year decline in April sales can be attributed to a less active condominium market on our MLS®, as there were more detached and townhome sales this April compared to last year."

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