According to data from the Greater Vancouver Real Estate Council (REBGV), the number of homes for sale in April in Vancouver has rebounded from its lows due to the impact of the covid19 outbreak. Compared to the same month last year, the growth rate is 342% in April as home prices are also rising sharply.
Residential home sales in the region totalled 4,908 last month, driven by heightened demand in the Metro Vancouver area, which helped push the composite benchmark price 12 per cent higher year-over-year to $1.15 million.
During the onset of the pandemic last year, Vancouver home sales initially dropped to the lowest level for April since 1982.
Keith Stewart, an economist at the Greater Vancouver Real Estate Council -REBGV, said: “Our housing market has changed considerably from one year ago when COVID-19 concerns brought activity to a near standstill,”.
“This was followed by a well-documented spike in home buyer demand across the region. So far this spring, we’ve seen a corresponding supply response from home sellers.”
The report found that a record number of homes were put up for sale last month with 7,938 total listings, a jump of 243 per cent from a year earlier. Stewart warned nonetheless that more supply is needed to meet demand and keep market conditions balanced.
However, prices are still rising. The MLS Home Price Index is up by 12 per cent to $1,152,600 year over year and 2.6 per cent month over month.
Prices of detached homes are up the most compared to last year, with a 20.9 per cent jump to $1,755,500.
Attached homes were up the most compared to last month, with a 3.3 per cent increase to $900,900.
Despite the surge in year-over-year data, April home sales in Greater Vancouver dropped 14 per cent compared to March.
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