Home sales may be dwindling, but it appears supply is as limited as ever.
New numbers from the BC Real Estate Association show more than 9,800 residential unit sales were recorded for April — that’s down almost 24 per cent from the same time in 2016.
Chief economist Cameron Muir says home sales are on an upward trend this spring, even with the supply of homes declining 17 per cent versus April of 2016.
What’s more, active residential listings have gone down by 50 per cent since 2012, and Muir says they’re now at their lowest level in more than 20 years.
Muir says the imbalance between supply and demand is what’s driving home prices higher in many regions, impacting affordability.
“Both the rental market and the ownership market is facing some significant pressure right now and it’s being led by strong underpinnings of housing demand, but also, because we see prices are rising as a result of very low inventory levels.”
The average price for a home in the province last month was $729,000, a two per cent decrease year-over-year.
Earlier this month, the Real Estate Board of Greater Vancouver reported similar April numbers for the Lower Mainland.
It found home sales down by 25 per cent year over year, and down one point from March, with sales activity led by a booming condo market.