Vancouver home price gains are growing larger and larger amid ‘intense’ competition among buyers

 Price increases in Vancouver’s existing homes market show no signs of letting up, as the market actually got even hotter in April.

The Real Estate Board of Greater Vancouver said its Multiple Listing Service Home Price Index composite benchmark price for all residential properties in the metro area was up 25.3 in April from a year ago, reaching $844,800. Just 30 days ago, the year over year gain in the metro region was 23.2 per cent.

“Home buyer competition remains intense across the region,” Dan Morrison, president of the board, said in a release.

The average detached home in the metro region sold for $1,817,027, while the average attached home reached $771,321. Apartment prices averaged $528,685 last month.

April sales were up from a year ago but fell from March. There were 4,781 sales in April, a 14.4 per cent jump from a year but a 7.6 decline from March when 5,173 homes sold. Even at the reduced level, April sales were 41.7 per cent above the 10-year sales average for the month.

New listings did jump, reaching 6,172 for detached, attached and apartment properties — a 3.9 per cent increase from a year ago. New listings actually declined 2.6 per cent from March.

“While we’re seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand in our marketplace,” Morrison said.

In total, there were 7,550 homes listed for sale on the MLS system in the metro Vancouver region, a 38.3 per cent drop from a year ago but a 2.6 per cent increase from March.

The sales-to-active listings ratio for April 2016 is 78 per cent which the board says is “a seller’s market” indication.

Sales of detached properties in April jumped nine per cent from a year ago while the benchmark price for detached properties was up 30.1 per cent during the same period to reach $1,403,200.

Apartment property sales rose 33.4 in April from a year ago while the benchmark price in that category was up 20.6 per cent during the period to $475,000.

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