April housing market summary

May 15, 2011

Real Estate Board of Greater Vancouver’s April 2011 housing market showed a sales drop of  14 % to 7,187 units compared to April last year. However, year-over-year, the average MLS® residential price rose by 16 % to $598,308.

 B.C. home prices were skewed in areas like Vancouver and Richmond, where prices continued to skyrocket, impacting the average prices nationally. The sales of many multi-million dollar homes had resulted in the average prices being pushed pushing upward. This housing market has been sustained by a foreign investors and rich new immigrants from mainland China who continue to sink money into properties in the area.

Burnaby condos

The lower April home sales were the result of home purchases that were pulled forward during the first quarter as many buyers were motivated to take advantage of the 35-year mortgage that was to be discontinued.Home prices affected by Vancouver and Richmond sales

B.C. home prices- both in major areas like Vancouver and Richmond continued to skyrocket skewing the average prices nationally. There has been a surge in B.C. – again, mostly concentrated to the Vancouver area, of sales of multi-million dollar homes that has pressured prices upward. This has been sustained by a marked increase in foreign investors who continue to sink money into properties in the area.

Year-to-date, BC residential home sales dollar volume rose by 14 % to $15.4 billion, compared to April, the previous year.  The residential unit sales to-date fell by 1% to 26,334 units. When This is in contrast with the average MLS® residential price, which shot up by 15.5 % to $586,466 over the same period. Follow this link to view homes for sale in Vancouver, Richmond and Burnaby.

When compared with last year this time, Greater Vancouver had the greatest increase in price 21%, year-over-year, closely followed by Fraser Valley where average home prices rose by 17.5%.

Greater Vancouver led the pack with an average year-to-date price increase of 18.1%, and the worst area, Powell River Board reported a price decline of 21.8%.

 Disclaimer: The writer assumes no liability whatsoever, for errors and/or omissions and any consequences arising either directly or indirectly from the use of information provided by this website. Any data provided are strictly for guidance and planning purposes only and may not be applicable due to ever changing market dynamics.

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