Photo: Brian Fagan/Flickr
Intense competition among homebuyers last month pushed residential property sales in Metro Vancouver to the highest level ever seen in April, the Real Estate Board of Greater Vancouver (REBGV) said in a report this week.
There were 4,781 sales in the region in April, up 14.4 per cent from April 2015 and 41.7 per cent higher than the 10-year sales average for the month.
According to Dan Morrison, president of the REBGV, “supply is still chasing this unprecedented surge of demand in [the] marketplace.” Last month there were just 7,550 Metro Vancouver properties listed on the MLS system, down 39.3 per cent from last April, when 12,436 properties were listed.
That imbalance between supply and demand is reflected in overall Metro Vancouver housing prices. The MLS Home Price Index composite benchmark price for the region was much higher last month than it was in April 2015, up 25.3 per cent at $844,800. The graph below shows longer-term price trends.
The benchmark price for detached properties saw the biggest increase, as per the REBGV, rising 30.1 per cent from last April to reach $1,403,200. Benchmark prices for apartments and attached properties saw less sizeable — but still large — upticks of 20.6 and 22.1 per cent, respectively.
Interestingly, while sales of detached properties and apartments both increased compared to April 2015, sales of attached properties fell.
Overall, Metro Vancouver remains a seller’s market, a fact that’s most clearly expressed by April’s sales-to-active-listings ratio. It came in at a very high 63.3 per cent, well above the range of 20 to 22 per cent when home prices generally experience upward pressure.