Home sales in Metro Vancouver remained strong last month, but experts noted that what has been seen so far this spring is calmer than record sales this time last year.
Residential home sales totaled 4,344 in March, down 24% from the same month last year, but up 27% from sales in February 2022.
The Real Estate Board of Greater Vancouver attributed part of the decline to what was a record March 2021. This month was the highest on record for sales in council history.
Looking back over the past 10 years, however, March 2022 sales were still 25.5% above average.
According to the council’s monthly report, demand for townhouses and condos is much higher than for single-detached homes in the area.
Last month, the sales-to-active listings ratio was 73.3% for townhouses, compared to 70.3% for apartments and just 38.8% for singles.
The council summed up what this means, for those unsure of the impact on the market: “In general, analysts say that downward pressure on house prices occurs when the ratio goes down in below 12% for an extended period, while house prices often come under upward pressure when it exceeds 20% for several months.
The board said it still sees this upward pressure on prices across all housing categories, with lack of supply driving the spike.
“The number of homes listed on our MLS system today is less than half of what is needed to move the market into balanced territory,” board chairman Daniel John said in a statement Monday. a statement.
He said activity this year is still high, but the calmer pace seen in the market this year comes as potential buyers keep an eye on rising interest rates.
There were 6,673 new registrations in March, down about 20% from what the board saw a year ago. As with sales, the number of listings increased from February.
The benchmark price for all residential properties in the area was $1.36 million, up 20% from last year’s benchmark price.
Sales of all home types fell in March, but benchmarks rose in all categories. Single-detached homes hit a landmark of $2,118,600 in the region last month, up 23.4% year-over-year and 3.6% from February.
The condominium benchmark was up 16.8% from March 2021 and 3.4% from the previous month, and townhouses were selling about 4.4% more than March of last year .
Terraced homes, like townhouses, saw the largest month-over-month increase in the benchmark at 28.1% from February.
As experts and the board have noted for some time, particularly since the onset of the pandemic meant the end of travel for some, buyers looking to move to suburbs and communities outside outside the city of Vancouver pay more. The benchmark for all residential homes in the area was highest last month in West Vancouver, followed by Bowen Island and Whistler.
At $1.57 million, the Resort Village had the highest townhouse benchmark of any community represented by the REBGV.
With files from The Canadian Press