Inflation making it unattainable for millennials to get into the housing market: Oakwyn Realty's Saretsky
Vancouver home sales bounced back from pandemic lows last month as sales surged 342 per cent year-over-year, according to data from the Real Estate Board of Greater Vancouver (REBGV).
Residential home sales in the region totalled 4,908 last month, driven by heightened demand in the Metro Vancouver area, which helped push the composite benchmark price 12 per cent higher year-over-year to $1.15 million.
During the onset of the pandemic last year, Vancouver home sales initially dropped to the lowest level for the month of April since 1982.
"Our housing market has changed considerably from one year ago when COVID-19 concerns brought activity to a near standstill,” said Keith Stewart, an economist with the REBGV, in a report. “This was followed by a well-documented spike in home buyer demand across the region. So far this spring, we’ve seen a corresponding supply response from home sellers."
The report found that a record number of homes were put up for sale last month with 7,938 total listings, a jump of 243 per cent from a year earlier. Stewart warned nonetheless that more supply is needed to meet demand and keep market conditions balanced.
Despite the surge in year-over-year data, April home sales in Greater Vancouver dropped 14 per cent compared to March.