Upward pressure on real estate prices continues as fewer homes are listed for sale in the quietest March since 2009, continuing to drive activity particularly in the condo and attached home market while total sales were 23% below historical averages.
A total of 6,542 homes of the 12,469 listed sold in the first quarter of 2018; a 13.1% decrease from the same period last year and the region’s lowest first quarter since 2013.
“We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” said newly instated Real Estate Board of Greater Vancouver president Phil Moore. “High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.”
Total March Home Sales: 2,517
29.7% decrease from March 2017
14% increase from February 2018
Total Homes Listed for Sale (detached, attached, and apartment): 8,380
10.5% increase from March 2017
7.1% increase from February 2018
New Property Listings (detached, attached, and apartment): 4,450
6.6% decrease from March 2017
5.4% increase from February 2018
Sales-to-Active Listings Ratio: 30%
Detached: 14.2%
Townhomes: 39.9%
Apartments: 61.6%
Benchmark price for all properties is $1,084,000
16.1% increase from March 2017
1.1% increase from February 2018
Benchmark price for a detached property is $1,608,500
7.4% increase from March 2017
0.4% increase from February 2018
Detached property sales totaled 722
37% decrease from March 2017
Benchmark price for an apartment property is $693,500
26.2% increase from March 2017
1.6% increase from February 2018
Apartment property sales totaled 1,349
26.7% decrease from March 2017
Benchmark price for an attached unit is $835,300
17.7% increase from March 2017
2% increase from February 2018
Attached property sales totaled 446
24.1% decrease from March 2017
If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons.
Spring is generally considered the busiest time of year for home buyers and sellers. With the new taxes and other policy measures now in place in the Vancouver, it will be interesting to see where the the real estate market goes. When navigating these tricky waters, having a professional on your side is key to making the most out of your sale, as well as getting the best deal when purchasing a home. Call us for a consultation today!
*REBGV Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
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