Vancouver housing marketing is rebounding from tax impact, with prices up 5% in three months.

Vancouver housing marketing is rebounding from tax impactPrices in Canada’s most expensive city for existing homes appear to have rebounded from the impact of a tax on foreign buyers as Vancouver realtors reported Tuesday a huge swing in demand for condominiums and townhomes in April.

The Real Estate Board of Greater Vancouver said the composite benchmark price for all residential properties in Metro Vancouver was $941,100 in April, an 11.4 per cent increase from a year ago but a five per cent jump in the past three months.

Sales of all property types dropped 25.7 per cent from a year ago to 3,533 in April but were 4.8 per cent above the 10-year average for the month. Compared to March sales, April activity fell 0.7 per cent.

“Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels.,” said Jill Oudil, president of the board. “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.”

Article from Vancouver Sun by Garry Marr, Financial Post.

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