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.
"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 (as opposed to sales) 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.
At 15,901, the total number of property listings on the MLS® increased 17 per cent in April compared to last month. The market is considered "balanced" (neither a buyer's nor a seller's market) at around 16,000 listings for Greater Vancouver.
On the pricing side, 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.