B.C. real estate: New listings, home prices rise in April

In a photo taken by drone, Vancouver homes in the Kitsilano neighbourhood of Vancouver are pictured Monday, October 3, 2022.THE CANADIAN PRESS/Jonathan Hayward

B.C.'s real estate market may be heating up heading into summer as the number of listings rose in the province last month.

Data shared by the B.C. Real Estate Association said residential unit sales increased by 1.5 per cent this April, compared to April 2023. The average price for a home in B.C. rose too, hitting the $1 million mark, compared to last April's average price of $992,440. In the Greater Vancouver area, the average price for a home was a little over $1.3 million last month, while in Victoria it was about $983,000.

"April was an above-average month for new listings activity, registering the highest pace since 2021," said BCREA chief economist Brendon Ogmundson in a statement.

"Sales are still slightly below normal, which has led to a substantial increase in total inventory, though at a level still far below long-run balance. Ultimately, the market is heading into the summer in a state of relative calm with much more choice for buyers."

Active listings across the province reached 36,113 last month, BCREA's data showed. In 2023, April's active listings were 25,392, marking a 42.2 per cent change.

So far this year, B.C.'s residential sales total $23.4 billion, according to BCREA. That's up 9.5 per cent compared to the first four months of 2023.