Local home sales and prices spiked higher in April

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METRO VANCOUVER (NEWS 1130) – Metro Vancouver’s home-buying frenzy sent prices spiralling higher in April.

Home sales were up 14.4 per cent from a year earlier to 4,179 — a record for the month – according to the Real Estate Board of Greater Vancouver.

The industry group says the average “benchmark” price for all types of homes on the Multiple Listing Service was 25.3 per cent higher to $844,800.

A continuing shortage of single-detached houses for sale remains a factor in the price spike. The board says listings were down 39.3 per cent from a year earlier, although they were up 2.6 per cent from the previous month. It also says the sales-to-listings ratio indicates a seller’s market.

Although sales of single-detached properties were up a relatively modest nine per cent, the “benchmark” price was up 30.1 per cent to $1.4 million. Sales of apartment-style condominiums soared 33.4 per cent to 2,107 as detached houses become increasingly unaffordable and hard to find. The average condo price price of $475,000 was up 20.6 per cent.

REBGV president Dan Morrison says “While we’re seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand in our marketplace.”

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