The benchmark price came out to $1.36 million
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Vancouver home sales declined in March from last year’s record-breaking levels, but prices continued to rise, jumping more than 20 per cent amid a dearth of listings.
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Residential home sales were down nearly 24 per cent year-over-year at 4,344 units last month, according to data from the Real Estate Board of Greater Vancouver. While the sales tally was below record levels, the board noted it is still historically high and was up nearly 27 per cent from the 3,424 homes sold in February. The board added that there was elevated home buyer demand in the Metro Vancouver area.
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The benchmark price came out to $1.36 million, a roughly 21 per cent increase from March last year.
“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago,” said REBGV chair Daniel John in a press release. “Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.”
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John, however, suggested a lack of supply in the Vancouver region will continue to drive prices higher across all housing categories.
“The number of homes listed for sale on our (multiple listing service) system today is less than half of what’s needed to shift the market into balanced territory,” John said in a statement.
Fewer homes also came to market compared to last year as new listings for detached, attached and apartment properties fell more than 19 per cent to 6,673. On a month-over-month basis, listings were up 22 per cent, a sign the spring real estate season may be starting to ramp up.
British Columbia is exploring new ways to rein in the province’s overheated housing market. Last week, the B.C. government announced that it would be imposing a “cooling off period” for home buyers to help provide stronger protections for buyers and to address high home prices. Details on how long the period could last and what financial penalties homebuyers can expect if they back out of an offer will be released later this year.
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