Average Vancouver home now 12.5 per cent more expensive
House prices in Vancouver have increased again with the average cost of a detached home rising 12.5 per cent in April to $1.08 million with the benchmark for a typical home now at $673,000. The Real Estate Board of Greater Vancouver said Monday that a low level of listings has pushed prices higher; sales were up 37 per cent from April last year. There are currently 12,436 listings on the MLS for Greater Vancouver, that’d 0.5 per cent lower than March and 19.8 per cent lower than April last year; new listings are 0.9 per cent lower than last year.
The rising costs are also spreading to previously ignored parts of the city leading to bidding wars. Even properties that are in need of renovation are exceeding their expected sale prices. Those looking for bargains are being forced to look further out of the city with Fraser Valley and Surrey among the suburbs getting increased attention. With mortgage rates staying highly competitive and the spring season underway realtors are expecting to be busy…if the homes are available to sell!
April sales fall in Edmonton
Sales of homes in Edmonton fell by 13 per cent last month compared to April 2014. However the Realtors Association of Edmonton says that sales are increasing and the data needs to be viewed in context. There were 1,597 homes sold on the MLS in April and although that was down from the number sold in April 2014 it was a rise of 10 per cent from March this year. In a statement the association’s president Geneva Tetreault noted that while sales are not as high as last year “prices are stabilizing and inventory is robust.” Average selling prices across all residential property types was up by 3.13 per cent from last April to $377,270. Condo prices increased the least (up 0.2 per cent to $$252,935 on average) and duplex/row houses increased the most (up 7.2 per cent to $356,022.) Single family home prices increased to an average of $436,641, up 2.39 per cent from the same month last year.
Toronto sales hit new monthly record
There were 11,303 home sales in Greater Toronto in April, the highest level on record. Sales were up 17 per cent from April last year and new listings were up by 5 per cent year-over-year. Paul Etherington, president of Toronto Real Estate Board commented: “The record April result clearly points to the fact that a growing number of GTA households view ownership housing as a high quality long-term investment. This is evidenced by the strong sales growth we have experienced in Toronto and surrounding regions for all major home types. First-time buyers and existing homeowners remain very active in today’s market.” Average sales prices increased by 10 per cent year-over-year to reach $635,932. Low-rise home prices increased stronger than condos but there was still healthy growth in the apartment sector.