Homebuyers Take a Breather

The month of March blew in to a chilly reception, encountering the lowest number of home sales in over three decades.

The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 1,727 in March 2019, which was not only 31.4 percent below March 2018 sales, but also 46.3 percent below the 10-year March sales average and the lowest total for the month since 1986.

While sales are down, the number of homes available on the market continues to increase. The board confirmed there were 4,949 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® in Metro Vancouver in March 2019, an 11.2 percent increase compared to the 4,450 homes listed in March 2018. In total, there were 12,744 homes listed for sale, a 52.4 percent year-over-year increase.

Sales of detached homes in March 2019 reached 529, a 26.7 percent decrease from the 722 sales in March 2018, while the benchmark price dropped by 10.5 percent year-over-year to $1,437,100.

Sales of apartment homes dropped by 35.3 percent to 873 in March 2019 compared to March 2018, while the benchmark price of an apartment property dipped by 5.9 percent to $656,900.

Attached home sales in March 2019 totalled 325, a 27.1 percent decline compared to the 446 sales in March 2018. The benchmark price of an attached home decreased by 6 percent to $783,600.

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