A report from the Georgia Straight in Canada. "The Real Estate Board of Greater Vancouver is reporting another painful month for the housing market. According to the REBGV, 1,829 homes were sold in April 2019, representing a 29.1 percent decrease from the number recorded in the same month last year. That’s 43.1 percent below the 10-year sales average for the month of April, the REBGV indicated. There are also more house listings than previously seen since October 2014."

"In April this year, a total of 14,357 homes were listed for sale, a 46.2 percent increase compared to April 2018, and a 12.4 percent increase from March 2019. 'There are more homes for sale in our market today than we’ve seen since October 2014. This trend is more about reduced demand than increased supply,' association president Ashley Smith said. 'The number of new listings coming on the market each month are consistent with our long-term averages. It’s the reduced sales activity that’s allowing listings to accumulate.'"

From the Huffington Post. "Payback is a b*tch. If you own residential real estate in Greater Vancouver, it's likely your property's value is back to where it was in 2016 or 2017. According to blogger and realtor Steve Saretsky, sales of all housing types hit their lowest level since 2000, while detached home sales were the lowest on record."

"'Detached home sales were the lowest on record this April and down 70% after peaking in 2016. Probably safe to assume prices need to move lower to get sales volumes back up, he said."

"The benchmark price for all housing types in the area is down 8.5 per cent from a year ago, to $1.008 million. This works out to a decline of about $7,000 a month over the past year, and it puts the benchmark price back to where it was in June, 2017."

"The correction has been more severe in detached homes, with the benchmark price falling 11.1 per cent over the past year, to $1.425 million. That amounts to a decline of about $15,000 per month, and it brings prices back to levels last seen in April, 2016."

"In a now-familiar refrain, REBGV President Ashley Smith pointed the finger of blame directly at government policies, particularly the mortgage 'stress test' now in force for all mortgages at federally-regulated lenders. 'The federal government's mortgage stress test has reduced buyers' purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing,' Smith said."

"Some market observers have suggested Vancouver's correction has some way to run yet. Ed Devlin, head of Canadian portfolio management at investment firm PIMCO, recently warned of 'particularly significant declines' in house prices as foreign buyers abandon the city."

"'The things that are concerning us ... is that there have been a number of local regulations and taxes put in place that have converted Vancouver from probably being the preferred place for Chinese capital flight into real estate to now being openly hostile,' he told BNN Bloomberg."

The Globe and Mail. "The complexion of Vancouver’s market has changed dramatically. Greater Vancouver’s real estate market surged for most of the period from 2009 to 2017, but speculators have largely exited with prices continuing to fall in recent months, said Steve Pomeroy, senior fellow at Carleton University’s Centre for Urban Research and Education. Reduced asking prices are now common in a region accustomed to bidding wars."

"'In the past decade, we saw sales from foreign buyers or locals who wanted to flip properties,' Mr. Pomeroy said. 'To have a healthy market, we don’t want housing as a commodity but where people can live.'"

"The sale of a detached house in the Dunbar neighbourhood on Vancouver’s west side underscores the price declines. The bungalow at 4063 West 28th Ave., built in 1952, sold in mid-April for $3.4-million, after being on the market for six months. The original asking price last October was $4.5-million. The list price was reduced to $3,998,000 in November and dropped again to $3,898,000 in March, before it sold in April."

"The assessed value was $4,393,400 in mid-2017, and $3,813,300 in mid-2018. Most of the assessment is land value since the house itself is considered a teardown. The benchmark price for detached properties sold on Vancouver’s west side in April was $2,948,400, down 13.4 per cent from the same month last year."

"Andrew Ramlo, vice-president of market intelligence at real estate firm Rennie Group, said housing prices at the higher end of the market have fallen the hardest. For owners who find themselves in a position where they need to sell, the buyer’s market is a reality, he said."

"In the Fraser Valley Real Estate Board’s territory, which includes the sprawling suburb of Surrey, there were 1,383 sales on the Multiple Listing Service in April, down 19 per cent from a year earlier. The average price for detached houses sold in the Fraser Valley dipped to $991,756 last month, down 8.2 per cent compared with April, 2018."