Home sales in Greater Vancouver dropped nearly 40% in April to a low near 40 years of age

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The Greater Vancouver Real Estate Board said home sales fell 39.4% in April from a year earlier, reaching a low of nearly four decades.

The board indicates that there were a total of 1,109 home sales during the month, down from 1,829 sales a year earlier, as activity was hit by a full month of physical restrictions related to the distancing related to COVID-19.

Total sales were 62.7% below the 10-year average for April and the lowest total for the month since 1982, according to the real estate board.

New home registrations fell 59.7% to 2,313 in April from the previous year, while the total number of active registrations decreased 34.6% from April 2019.

The board of directors says the sales ratio at active listings was 11.8%, which only pushes the level that analysts see as signaling possible downward pressure on prices.

However, prices held steady for April as the price of the composite benchmark rose 2.5% from the previous year and 0.2% from March to 1.04 million. dollars.

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