B.C. home listings fall to 20-year low, real estate association says

 

The latest numbers from the B.C. Real Estate Association show residential property sales across the province are climbing while the number of homes on the market drops to a 20-year low.

The association says the combination means affordability, especially in Metro Vancouver-area markets, will remain challenging because the lack of supply will keep prices high.

Just under 10,000 homes in B.C. were sold in April, down almost a quarter when compared with record-setting transactions over the same month last year, but still far ahead of the five-year seasonally adjusted rate.Royal LePage says early evidence suggests that the recent correction in Vancouver's housing market may be short-lived.

The association says the average home price was almost $729,000 last month, a two per cent dip from the same period last year, but higher sales suggest the market is rebounding from the modest correction that began after B.C. applied a 15 per cent tax on foreign buyers last year.

CLICK HERE to report a typo.

Is there more to this story? We’d like to hear from you about this or any other stories you think we should know about. Email [email protected]

 

Leave a Reply

Your email address will not be published. Required fields are marked *