Photo: Michael Nugent/Flickr
According to the Real Estate Board of Greater Vancouver, some 4,179 homes changed hands across the region in April, a 37 per cent increase compared to the 3,050 sales recorded in April 2014 and 29.3 per cent above the 10-year average for the month.
Breaking it down by property type, detached home sales were up 35.9 per cent year-over-year, condo sales climbed 34.7 per cent and townhome sales jumped 44.8 per cent.
Listings and Prices
REBGV reports that the total number of properties currently listed for sale on the region’s Multiple Listing Service is 12,436, a 19.8 per cent decline compared to April 2014.
“The supply of homes for sale today in the region is not meeting the demand we’re seeing from home buyers. This is putting upward pressure on prices, particularly in the detached home market,” said REBGV president Darcy McLeod in a release.
The benchmark home price across the region for all property types ended the month at $673,000, an 8.5 per cent increase compared to April 2014. The benchmark price for a detached property in Metro Vancouver increased 12.5 per cent from April 2014 to $1,078,900, condo prices rose 4.4 per cent to $394,200 and townhome values went up by 5.7 per cent to $493,300.
Of course, Greater Vancouver is made up of many very different housing markets. To demonstrate that diversity, here’s a look at some of the regional- and property-specific data from the monthly report:
- The benchmark price of a single-family home on the West Side of Vancouver proper hit $2,490,600 in April, up 13% from a year earlier
- The typical price of a detached home on Vancouver’s East Side hit $1,046,000, representing a 16.2% year-over-year increase
- For the condo segment, Squamish posted the biggest price gain, with the benchmark price rising 28.7% year-over-year to $272,900
- The benchmark price of a condo in Richmond actually dipped -0.2% in April to $352,900
- Whistler experienced the largest year-over-year increase for the townhome segment, with prices climbing 11.8% to $506,000
For more, the complete REBGV statistics package can be seen here.