B.C. sees strong real estate sales in April, but market could calm in coming months: BCREA

The BC Real Estate Association (BCREA) says more than 13,600 homes were sold around the province last month, the highest total on record for April.

April sales were up 312 per cent from the same time period last year, when the market slowed dramatically due to the COVID-19 pandemic.

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The record numbers were down slightly from March, which saw sales hit an all-time high.

The average residential price in B.C. was $946,606, a 29 per cent increase from April of last year.

Total active residential listings were down 14.5 per cent year-over-year in April, but did rise slightly on a seasonally adjusted basis for the second consecutive month as new listings activity ramped up, the BCREA said.

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While sales activity was the highest on record for the month of April, BCREA chief economist Brendon Ogmundson sees the market calming down in the next few months.

“Although provincial home sales were down slightly from an all-time high in March, sales activity was the highest on record for April,” Ogmundson said.

“Home sales continue on a record pace, though we do see a calming environment compared to the frenzied activity of recent months.”

— With files from Gord Macdonald