The latest numbers are out from the Real Estate Board of Greater Vancouver, and they show April home sales down 25 per cent year over year in Metro Vancouver.
Sales were also down a single point from March of this year.
But while overall sales are down, numbers appear to be being dragged down by sluggish movement among detached homes.
For the first time this year condo and townhouse sales have taken the largest slice of the pie, making up 68 per cent of all activity, a ten per cent jump year-over-year.
In a statement, Board President Jill Oudil says the overall market is operating below the record-setting pace of a year ago, but is in line with historical spring levels.
But she says it’s a different story for condos and townhouses.
“Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”
The benchmark price for all residential properties in April was $941,000, up 5% over the past 3 months and up 11% from a year ago.
The benchmark for apartments is up more than 16 per cent, at $554,000, while the benchmark for townhomes is up 15 per cent at $701,000.
A visible change
Realtor Steve Saretsky says he’s seen the boom firsthand.
“We definitely have seen a ton of action in the condo market, there’s a push for affordability and everyone’s trying to get in, it’s been really busy right now.”
The numbers suggest condos and townhouses are becoming all the rage in areas like the Tri-Cities, a statistic that’s not lost on realtor Steve Saretsky.
“Obviously if the market keeps up at the pace that it’s at, people get pushed further and further east. In terms of affordability, first-time buyers are more adaptive and I think a big feature of that is the areas around a SkyTrain station so I think that’s why where we’re seeing pushes into New Westminster, Coquitlam, Burnaby area, that sort of thing.”
Saretsky says multiple offers on condos are becoming more and more common in a number of markets, with benchmark prices up 8 per cent in the last three months.