New Article from The Vancouver Sun
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.