Metro Vancouver real estate update: More on the market, but demand and prices still high

Real estate market making buyers feel miserable Bidding wars and escalating prices are making the dream of ownership feel further away.

VANCOUVER — Increasing values are prompting homeowners to sell, but the Real Estate Board of Greater Vancouver says more supply is still needed to meet active market demands.

The board reports there were 4,908 residential home sales in its 15 regions in April, a 342 per cent increase from the same month last year.

Board economist Keith Stewart says there's been a corresponding supply from home sellers this spring to meet the spike in sales, but more homes are needed on the market to bring conditions to balance.

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.

Stewart says record-low interest rates, increased household savings, a stronger economy and a continued need for living space in the COVID-19 pandemic are all factors helping boost demand, while steady price growth is encouraging more sellers to list their homes.

The benchmark price for a detached home in the market is more than $1.75 million, a 20.9 per cent increase from last year, while the price for an apartment is $729,600, a 5.9 per cent increase from last April.