The latest numbers from the B.C. Real Estate Association show residential property sales across the province are climbing while the number of homes on the market drops to a 20-year low.
The association says the combination means affordability, especially in Metro Vancouver-area markets, will remain challenging because the lack of supply will keep prices high.
Just under 10,000 homes in B.C. were sold in April, down almost a quarter when compared with record-setting transactions over the same month last year, but still far ahead of the five-year seasonally adjusted rate.
The association says the average home price was almost $729,000 last month, a two per cent dip from the same period last year, but higher sales suggest the market is rebounding from the modest correction that began after B.C. applied a 15 per cent tax on foreign buyers last year.