April real estate prices rise in Lower Mainland
Posted May 2, 2024 7:51 am.
Reports from the real estate industry say property listing prices jumped last month compared to April 2023 around the Lower Mainland.
The Fraser Valley Real Estate Board recorded 1,471 Multiple Listings Service (MLS) transactions in April. It notes prices rose by 0.5 per cent in April from March, and went up 1.5 per cent over April of last year.
The board says the market is considered balanced when the sales-to-active listings ratio is between 12 per cent and 20 per cent. Last month, that ratio reached 20 per cent.
“We are seeing a relatively calm and balanced market right now,” said Jeff Chadha, the board’s chair. “Which means buyers have time to shop around and purchase a home without the pressure of a few years ago, and while prices are holding fairly steady across all property types.”
Meanwhile, the Greater Vancouver Realtors reports that residential sales in the region totaled 2,831 in April — a 3.3 per cent increase from the 2,741 sales recorded in April last year.
“Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two per cent month-over-month,” said Andrew Lis, the group’s director of economics and data analytics.
The group’s report says sales jumped three per cent on a year-over-year basis despite an increase in listings. The average sale price in the Greater Vancouver region was a little more than $1.2 million.
