Another month, another record for Metro Vancouver’s real estate sales.
Last month was the highest selling April in the history of Vancouver according to figures released by the Real Estate Board of Greater Vancouver.
Residential property sales in the region totalled 4,781 in April 2016, an increase of 14.4% from this time last year. In total, April sales were 41.7% above the 10-year sales average for the month.
“While we’re seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand in our marketplace,” Dan Morrison, REBGV president said in a release.
The biggest increase in sales was seen in apartments, which were up 33.4% year-over-year. Sales of detached properties (9%) were also up, whilst attached property sales dropped 11.5% compared to April 2015.
As well as increasing sales, the average price of a property in Vancouver was also on the rise last month. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver, the average price of real estate in the city, currently stands at $844,800; a 25.3% increase compared to April 2015.
The biggest price increases were seen in detached properties where average prices were up 30.1% to $1,403,200. Elsewhere the benchmark price for attached properties was up 22.1% at $608,600 while apartment price were up 20.6% to an average of $475,000.