Home sales across Metro Vancouver spiked in April, creating a seller’s market not seen in the region since before the 2008 recession.
Residential property sales on the Multiple Listing Services (MLS) reached 4,179 last month, according to data released May 4 from the Real Estate Board of Greater Vancouver (REBGV).
That’s a 37% increase compared with the same period a year ago, when 3,050 sales were recorded.
REBGV president Darcy McLeod said in a statement the supply of homes for sale aren’t meeting the demand, especially in the market for detached homes.
“It’s a competitive and fast - moving market today that is tilted in favour of home sellers,” he said.
“This is putting upward pressure on prices.”
The sales-to-active-listings ratio reached 33.6% in April — its highest level since June 2007.
Meanwhile, the benchmark price for all residential properties across the region was at $673,000 or 8.5% higher than it was during April 2014.
In Vancouver’s eastside, the benchmark price for a detached home rose 16.2% year-over-year to $1,046,000. In the west side of the city, the benchmark price increased 13% to $2,490,600 compared with April 2014.
