Home Buyer Demand Outpacing Supply Across Metro Vancouver
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,179 on the MLS® in April 2015. This represents a 37% increase compared to the 3,050 sales recorded in April 2014, and a 2.9% increase compared to the 4,060 sales in March 2015.
Last month’s sales were 29.3% 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," REBGV president said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,897 in April. This represents a 0.9% 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% decline compared to April 2014 and an increase of 0.5%
compared to March 2015.
Sales of detached properties in April 2015 reached 1,815, an increase of 35.9% from the 1,336 detached sales recorded in April 2014, and a 70.6% increase from the 1,064 units sold in April 2013. The benchmark price for a detached property in Metro Vancouver increased 12.5% from April 2014 to $1,078,900.
Sales of apartment properties reached 1,579 in April 2015, an increase of 34.7% compared to the 1,172 sales in April 2014, and an increase of 50.1% compared to the 1,052 sales in April 2013. The benchmark price of an apartment property increased 4.4% from April 2014 to $394,200.
Attached property sales in April 2015 totalled 785, an increase of 44.8% compared to the 542 sales in April 2014, and a 53.6% increase from the 511 attached properties sold in April 2013. The benchmark price of an attached unit increased 5.7% between April 2014 and 2015 to $493,300.