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Spring buyers and sellers emerge in the Greater Vancouver housing market:

 

VANCOUVER, B.C. - May 2, 2014 - Horne buyers and sellers became more active in the
Greater Vancouver housing market in April.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 3,050 on the Multiple Listing Service® (MLS®) in April 2014. This
represents a 16.1 per cent increase compared to the 2,627 sales recorded in April 2013, and a
15.5 per cent increase compared to the 2,641 sales in March 2014.

 

Last month's sales were 5.2 per cent below the lO-year sales average for April of 3,217.

The sales-to-active-listings ratio currently sits at 19.7 per cent in Greater Vancouver, which is the
highest this measure has been since June 2011.

 

"We saw steady increases in horne seller and buyer activity in April, which is typically the case
in the spring months," Ray Harris, REBGV president said. "People often look to buy or sell their
horne this time of year as the school year draws to a close and the summer holiday season is still
a few months away," Harris said.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,950
in April. This represents a 1.3 per cent increase compared to the 5,876 new listings in April 2013
and a 12.7 per cent increase from the 5,281 new listings in March. Last month's new listing
count was 1.2 per cent higher than the region's lO-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Greater
Vancouver is 15,515, a 7.3 per cent decline compared to April 2013 and a 7.2 per cent increase
compared to March 2014.

 

"Horne prices in the region continue to show steady, yet modest, increases when compared to
last year," Harris said.

 

The MLS® Horne Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $619,000. This represents a 3.6 per cent increase compared to April 2013.

 

Sales of detached properties in April 2014 reached 1,336, an increase of25.6 per cent from the
1,064 detached sales recorded in April 2013, and an 18.7 per cent increase from the 1,126 units

sold in April 2012. The benchmark price for detached properties increased 4.7 per cent from 

April 2013 to $956,700

 

Sales of apartment properties reached 1,172 in April 2014, an increase of 11.4 per cent compared
to the 1,052 sales in April 2013, and a 1.5 per cent decline compared to the 1,190 sales in April
2012. The benchmark price of an apartment property increased 2.6 per cent from April 2013 to
$375,500.

 

Attached property sales in April 2014 totalled 542, a 6.1 per cent increase compared to the 511
sales in April 2013, and a 12.2 per cent increase over the 483 attached properties sold in April
2012. The benchmark price of an attached unit increased two per cent between April 2013 and
2014 to $464,400.

 

 

The real estate industry is a key economic driver in British Columbia. In 2013, 28,524 homes changed ownership in
the Board's area, generating $1.84 billion in economic spin-off activity and 13,977 jobs. The total dollar value of
residential sales transacted through the MLS® system in Greater Vancouver totalled $22 billion in 2013.

 

Contact Helen Gambling for any of your real estate needs or questions.  

Source: Greater Vancouver Real Estate Board

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