Sales in markets served by the Real Estate Board of Greater Vancouver set a new April record last month.
A total of 4,908 homes were sold, marking the “highest total on record for the month”, the REBGV stated in a new report.
The sales were 56.2 percent above the 10-year April sales average, the board announced Tuesday (May 4).
Last month’s transactions represent a 342.6 percent increase from the 1,109 sales in April 2020, which followed lockdowns in March that year due to the COVID-19 pandemic.
Compared to the 5,708 homes sold in March 2021, which were the highest on record for the month of March in the region, April 2021 sales were 14 percent lower.
Prices show no sign of trending down.
The composite benchmark price for all residential properties in REBGV markets in April 2021 stood at $1,152,600.
The price represents a 12 percent increase over April 2020 and a 2.6 percent increase compared to March 2021.
“Record low interest rates, increased household savings, a strengthening economy and a continued focus on living space during the pandemic are all factors that are helping to bolster demand while steady price growth is encouraging more sellers to list their homes,” board economist Keith Stewart said in a media release.
The REBGV covers Vancouver, Burnaby, New Westminster, Coquitlam, Maple Ridge, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, North Vancouver, West Vancouver, and Whistler.
The board also reported that homesellers have become more active.
New listings in April 2021 totalled 7,938 detached, attached and apartment homes.
The listings represent a 243.2 percent increase compared to the 2,313 homes listed in April 2020.
However, April 2021 listings also marked a 4.2 percent decrease from March 2021 when 8,287 homes were listed.
That said, the REBGV said that April 2021 posted the highest new listing total ever recorded in the region in April.