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Supply isn’t enough to meet demand, which is being spurred on by record-low interest rates, a strengthening economy and pandemic-fuelled house-hunting, said the board.
“While homes are now being listed at record levels, more supply is needed to meet today’s demand and help market conditions achieve greater balance,” Stewart said.
Condo sales topped all residential types, with 2,289 units exchanging hands in April, followed by detached homes (1,655) and townhouses (964).
Benchmark prices are about two to three per cent higher in April compared with March, depending on housing type. The benchmark price for a detached home for the region is $1,755,500, $900,900 for townhouses and $729,600 for condos.