Spring rush nonexistent as home sales tumble nearly 20% in April

Home sales in B.C. for the month of April saw a steep decline when compared to the same month last year.

According to the British Columbia Real Estate Association (BCREA), sales tumbled 18.9% year over year, marking a six-year low for home sales in the province.

The average home price in the province also dipped 6.2% to $685,304.

That dip in price could highlight a shift towards a buyer's market, however, experts say buyers are suffering from a lack of purchasing power.

“BC home sales were essentially unchanged from March on a seasonally adjusted basis,” said BCREA chief economist Cameron Muir.

“Prospective home buyers continue to grapple with the decline in their purchasing power caused by federal government changes to mortgage policy.”

Province-wide, active listings jumped 33.6% and the sales to active listings ratio declining from 28.4% to 17.2% over the same period.

Year-to-date, the number of homes sold is down 24.5%, compared to the same four-month period in 2018.