March Home Sales Slow in Metro Vancouver But Prices Stay High: Real Estate Board
According to the Real Estate Board of Greater Vancouver, the number of sales of homes during the first quarter of this year was the lowest in five years. However, statistics reveal that prices remain high.
There were just over 2,500 homes sold last month. This figure represents a decline of more than 1,000 homes in comparison to an year earlier in March 2017. However, the number of sales last month increased by 14 per cent from the previous, February 2018.
New listings of all types of homes including detached homes, attached homes and condo units declined on a year-over-year basis. New listings dropped by 6.6 per cent last month in comparison to March 2017. Last month's decline in new listings is the region's lowest total first quarter new listings since 2013.
The composite benchmark price for all residential properties in the Metro Vancouver region is $1,084,000. This figure represents a 16.1 per cent jump from March 2017 and a 1.1 per cent jump from February 2018.
The benchmark price for detached homes was $1,608,500 last month. This represents a 7.4 per cent increase from March 2017.
The Real Estate Board of Greater Vancouver President, Phil Moore, stated that even with lower number of sales, prices of homes will stay high as long as the selection of properties is slim.
The number of new home listings last month was the lowest for the month of March since 2009. The number of new listings dropped particularly for the condo and townhouse categories last month.
Phil Moore also stated that there are numerous factors affecting real estate activity today. Some of these factors include increasing interest rates, high prices of residential properties, new tax announcements and stricter mortgage rules.
Sales of condos and townhouses exceeded the number of listings last month. The benchmark price for a condo was $693,500 last month. This figure represents a 26.2 per cent jump from an year earlier and a 1.6 per cent increase from February 2018.
The benchmark price for townhouses in the region was $835,000 which represents a 7.7 per cent increase from March 2017 and a 2 per cent increase from February 2018.