Demand for Metro Vancouver real estate remains high as prices grow, board says

Click to play video: 'Hot spring real estate markets across B.C.'
Hot spring real estate markets across B.C.
WATCH: It's not just the Fraser Valley that has a super-heated real estate market. As Ted Chernecki reports, a number of regions in the province are seeing huge spikes in home prices – Apr 8, 2021

The Real Estate Board of Greater Vancouver says more than 4,900 homes were sold in the region last month, a 14-per-cent decrease from March.

April sales were up 342 per cent from the same time period last year when the market slowed dramatically due to the COVID-19 pandemic.

Click to play video: 'March saw unprecedented home sales in Metro Vancouver'
March saw unprecedented home sales in Metro Vancouver

The composite benchmark price for all residential properties in Metro Vancouver is just over $1.1 million, up 2.6 per cent from the month prior.

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For the eighth consecutive month, real estate sales in B.C.’s Fraser Valley broke records. The Fraser Valley Real Estate Board said it processed 3,016 sales in April, up nine per cent from March and an increase of 338 per cent compared to April 2020.

Real Estate Board of Greater Vancouver economist Keith Stewart said record-low interest rates, increasing household savings, a strengthening economy, and a continued focus on living space during the pandemic are all factors in boosting demand, while rising values are encouraging more sellers to list their homes.

More supply is needed to meet active market demands, Stewart added.

The number of homes listed for sale in the region is 10,245, a 9.1-per cent increase from April last year, but the board says it’s still more than 11 per cent below the 10-year average for April.

— With files from Gord Macdonald and The Canadian Press

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