March was a big month for the Real Estate Board of Greater Vancouver (REBGV): it was the highest selling month on the organization’s record, and it instated its new president, Dan Morrison. Their new leader touts strong job and economic growth in BC, as well as positive net migration and low interest rates as the driving forces in the market.
Residential property sales in the Greater Vancouver area topped 5,173 in March; that’s 56% above the 10-year sales average for the month. Up by 24% from the 4,172 sales in February alone, and 27.4% up from the 4,060 sales in March 2015. Morrison stated that the demand is broad-based; “Home buyers are active in neighbourhoods across our region.”
That’s good news for sellers all over the Lower Mainland. So you know where your property stands: 6,278 new listings (detached, attached, and apartments) came on the market in March. That’s already an 8% increase from February, and a 5.2% increase from March 2015. So if you’re thinking of listing, now’s the time as the numbers just keep climbing.
The Market at a Glance:
Total number of properties for sale: 7,358
40.5% decline from March 2015
Benchmark price for all residential properties: $815,000
23.2% increase from March 2015
Benchmark price for a detached property is $1,342,500
27.4% increase from March 2015
Detached property sales totaled 2,135
24.8% increase from March 2015
Benchmark price for an apartment property is $462,800
18.8% sales increase from March 2015
Apartment property sales totaled 2,252
38.4% increase from March 2015
Benchmark price for an attached unit is $589,100
20.1% increase from March 2015
Attached property sales totaled 786
8.9% increase from March 2015
*REBGV Editor’s Note: Areas covered by 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, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.