The Greater Vancouver housing market experienced increased
activity in April thanks to a steady balance of home buyers and sellers
entering the marketplace.
The Real Estate Board of Greater Vancouver (REBGV) reports
that residential property sales in Greater Vancouver totalled 3,512 in
April 2010, the fifth highest-selling April on record. The figure
represents an increase of 18.5 per cent compared to the 2,963 sales in
April 2009; 9.1 per cent more than April 2008’s 3,218 sales; and 3.7 per
cent more than April 2007’s 3,387 sales. April 2010 sales also
represent a 12 per cent increase compared to last month.
“We’re in the midst of another
strong spring season thanks to high levels of activity on both the buyer
and seller side of our market,” Jake Moldowan, REBGV president said.
“The number of homes coming on the market has increased significantly in
recent months, which is providing a healthy level of choice for those
looking to buy during this busy period.”
New listings for detached, attached and
apartment properties in Greater Vancouver totalled 7,648 in April 2010, a
64.5 per cent increase compared to April 2009 when 4,649 new units were
listed, and a 9.2 per cent increase compared to March 2010 when 7,004
properties were added to the Multiple Listing Service® (MLS®).
At 15,901, the total number
of property listings on the MLS® increased 17 per cent in April compared
to last month, and is up 11 per cent compared to this time last year.
Over the last 12 months, the
MLSLink® Housing Price Index (HPI) benchmark price for all residential
properties in Greater Vancouver increased 18.9 per cent to $593,419 from
$499,021 in April 2009.
“It was at this time last year when home prices in our
region began their recovery from the declines that occurred during the
recession period,” Moldowan said.
Sales of detached properties in April 2010
reached 1,370, an increase of 15.1 per cent from the 1,190 detached
sales recorded in April 2009 and a six per cent increase from the 1,293
units sold in April 2008. The benchmark price for detached properties
increased 21.2 per cent from April 2009 to $818,403.
Sales of apartment properties
reached 1,526 in April 2010, an increase of 29.4 per cent compared to
the 1,179 sales in April 2009 and an increase of 15.9 per cent compared
to the 1,317 sales in April 2008.The benchmark price of an apartment
property increased 16.9 per cent from April 2009 to $397,779.
Attached property sales in
April 2010 totalled 616, an increase of 3.7 per cent compared to the 594
sales in April 2009 and a 1.3 per cent increase from the 608 attached
properties sold in April 2008. The benchmark price of an attached unit
increased 16.4 per cent between April 2009 and 2010 to $502,399.