Year-over-year increases continue in the red hot Vancouver real estate market.
The Real Estate Board’s latest numbers show this April was the highest selling April on record for Metro Vancouver.
Residential property sales were up a little more than 14% compared to April of last year.
However, the number is 7.6% less than March of this year.
April sales were 41% above the 10-year-sales average growth for the month.
Benchmark price up over 30%
The benchmark price for a detached home in April in Greater Vancouver and the Fraser Valley hit just over $1.4 million — which is a 30.1% increase over 2015.
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $844,800, a 25.3% increase compared to April 2015.
2016 sales compared to 2015 sales in the Fraser Valley tripled that of Greater Vancouver: 47.8 per cent compared to just 14.
This, despite a report from the CMHC last week suggesting housing prices in the Vancouver market is overvalued.
The Real Estate Board of Greater Vancouver says home buyer competition is still very competitive, but ultimately it’s a seller’s market.
By comparison, the average number of days to sell a single detached home in the Fraser Valley took on average 17 days compared to 38 last year.
SEE: Heat map of Vancouver real estate prices