VANCOUVER, B.C. – May 4, 2015 – Strong home buyer demand coupled with below average home listing activity has created seller's market conditions within the Metro Vancouver* housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,179 on the Multiple Listing Service® (MLS®) in April 2015. This represents a 37 percent increase compared to the 3,050 sales recorded in April 2014, and a 2.9 percent increase compared to the 4,060 sales in March 2015.
Last month’s sales were 29.3 percent above the 10-year sales average for the month.
“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," Darcy McLeod, REBGV president said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,897 in April. This represents a 0.9 percent decrease compared to the 5,950 new listings reported in April 2014.
The total number of properties currently listed for sale on the region’s MLS® is 12,436, a 19.8 percent decline compared to April 2014 and an increase of 0.5 percent compared to March 2015.
“It’s a competitive and fast-moving market today that is tilted in favour of home sellers. To be competitive, it’s important to connect with a local REALTOR® who can help you develop a strategy to meet your home buying or selling needs,” McLeod said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $673,000. This represents an 8.5 percent increase compared to April 2014.
The sales-to-active-listings ratio in April was 33.6 percent. This is the highest that this ratio has been in Metro Vancouver since June 2007.
Sales of detached properties in April 2015 reached 1,815, an increase of 35.9 percent from the 1,336 detached sales recorded in April 2014, and a 70.6 percent increase from the 1,064 units sold in April 2013. The benchmark price for a detached property in Metro Vancouver increased 12.5 percent from April 2014 to $1,078,900.
Sales of apartment properties reached 1,579 in April 2015, an increase of 34.7 percent compared to the 1,172 sales in April 2014, and an increase of 50.1 percent compared to the 1,052 sales in April 2013. The benchmark price of an apartment property increased 4.4 percent from April 2014 to $394,200.
Attached property sales in April 2015 totalled 785, an increase of 44.8 percent compared to the 542 sales in April 2014, and a 53.6 percent increase from the 511 attached properties sold in April 2013. The benchmark price of an attached unit increased 5.7 percent between April 2014 and 2015 to $493,300.