Vancouver real estate values edge higher in April

Real estate values in Metro Vancouver continued to show signs of recovery in April, as buyers nudged prices higher for the second month in a row.

The latest figures from the Real Estate Board of Greater Vancouver showed the benchmark price for a typical home  — an aggregate including detached, attached, and apartment residences — rose to $499,000 in April, up about $9,000 from the month before.

At that price range, homes are roughly equally to the price range just over two years ago, but still well below the typical value of $565,000 in April of last year.

The figures also showed an increase in the number of sales, with almost 3,000 units changing hands in April, compared with just over 2,200 in March, as more buyers took advantage of record-low mortgage rates.

The number of new listings remained low, with about 4,600 homes added in April, compared with more than 7,000 in the same month last year when the market was starting to fall. The total number of home listed remained roughly the same, however, as many homes remained unsold.

"We're seeing greater balance in the housing market, as evidenced by a strong sales to active listings ratio," said real estate board president Scott Russell, "The result is a relatively stable market in which homes are being realistically priced."