Strong demand alongside a shortage of residential property has led to a 30.8 per cent year-over-year decline in sales in Metro Vancouver.
However, the latest numbers released Tuesday by the Real Estate Board of Greater Vancouver showed the housing market is actually strengthening even though sales are off 2016 highs.
The 3,579 March sales marked a 47.6 per cent increase over February’s totals. The region saw a record-breaking 5,173 sales in March 2016.
“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, the Board’s president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”
New detached, attached and apartment property listings hit an eight-year low for March. Listings totalled 4,762 last month, down 29.9 per cent from 2016.
“Home prices will likely continue to increase until we see more housing supply coming on to the market,” Oudil said.