Number of B.C. homes on the market hits 20-year low
The Canadian Press
Published Monday, May 15, 2017 6:08PM PDT
The latest numbers from the British Columbia Real Estate Association reveal residential property sales across the province are climbing, as the number of homes on the market drops to a 20-year low.
The association says 9,865 homes were sold in April, down nearly 24 per cent compared with record-setting transactions over the same month last year, but still significantly above the five-year seasonally adjusted rate.
A sharp increase in sales on the Lower Mainland is credited for the jump, but the association sees no sign of a buyer's market.
It says the supply of homes has dropped 17 per cent from a year ago and, on a seasonally adjusted basis, active listings are down 50 per cent since 2012 to hit their lowest level in more than 20 years.
The association says an imbalance between supply and demand is continuing to drive prices higher in most regions, further eroding affordability.
The average home price in B-C was nearly $729,000 in April, a two per cent decrease from the same period last year, as the market rebounds from a modest correction that began in August after the introduction of a 15 per cent tax on foreign buyers.