(Note: the story has been updated to reflect corrected data issued by the Real Estate Board of Greater Vancouver. The corrected numbers relate to the percentage decline in total properties for sale and the sales-to-active-listings ratio.)
Real estate sales across Metro Vancouver continue to break records, and last month saw the most sales ever recorded in April, according to the Real Estate Board of Greater Vancouver (REBGV).
A total of 4,781 homes were sold across the region, which was an increase of 14.4% compared with April 2015. It was also 41.7% higher than the 10-year average for April.
The benchmark price in the month was $844,800 – an increase of 25.3% compared with last year.
While demand is intensifying, the number of available product is dropping. The number of properties currently listed for sale has dropped 39.3% year-over-year.
“Home buyer competition remains intense across the region,” said REBGV president Dan Morrison.
“While we’re seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand in our marketplace.”
The sales-to-active-listings ratio in April was 63.3%, which means a strong seller’s market; anything over 20-22% is indicative of a situation where there is intense upward pressure on home prices.
Detached home sales increase 9% over the year to 1,979 units. The benchmark price grew 30.1% to $1,403,200.
Apartment sales reached 2,107 units in the month. This is an increase of 33.4% year-over-year. Meanwhile, the benchmark price of this home type grew 20.6% to $475,000.
The number of attached property sales actually dipped in the month. A total of 695 homes of this type were sold, which is a drop of 11.5%. The benchmark price increased 22.1%, however, reaching $608,600.
REBGV data covers Vancouver, North Vancouver, West Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, South Delta, Whistler, the Sunshine Coast and Squamish. It does not include Surrey or Langley.
