The recent theme for Vancouver real estate is DEMAND. April was once again dominated by an immense amount of buyer demand (sales).
Total sales hit 1320 which was a 14% decline from last months ALL-TIME-RECORD but a record for April and a whopping 44% higher than the 10-year average.
Supply came on stream in April relieving some of the pressure from earlier in the year. This past month had 2553 new listings come onto the market (46% above the 10-year average) which was a 3% month-over-month increase.
Total active listings reached 3671 (+13% M-to-M) which is only 2% over the 10-year average. Combined, that puts at 2.7 months of inventory which is a very solid seller’s market.
It’s a market where space and outdoor space reign. Condos with large patios are in high demand. Townhouses with patios/yards…and most of all, “affordable” houses (eg East Vancouver).
The heightened demand levels are reflected in rapidly increasing prices. Westside townhouses/duplexes for example rose nearly 5% in a single month. East Vancouver houses jumped 16% in the last year.
We are now well into our spring market. Activity typically peaks March/April/May…and that’s certainly what we are seeing this year.
Unprecedented low interest rates, a strong local economy and a desire for more space have undoubtedly combined to make this one of the busiest markets of all time.