Greater Vancouver's spring market has so far surpassed even the highest of expectations, with sales up a staggering 53.7 per cent year over year, according to Real Estate Board of Greater Vancouver (REBGV) figures released April 2.
Vancouver's sales were also 32.6 per cent above the already impressive figures seen last month, and 26.8 per cent above the region's 10-year average.
The benchmark price all residential homes in Greater Vancouver saw another notable increasing, rising to $660,700, which is 7.2 per cent above March 2014, echoing the trend of increasing year-over-year growth seen in the past months.
The rise in sales of townhouses outstripped growth of single-family detached home transactions in March.
Sales and Listings
Greater Vancouver MLS® home sales totalled 4,060 in March, an increase of 53.7 per cent compared with March 2014, and a rise of 32.6 per cent compared with February 2015.
Detached single-family home sales increased 53.3 per cent compared with March 2014. This sharp increase was not enough to keep their highest-growth status after regaining it in February.
Townhomes and duplexes are proving an increasingly popular option, with sales of attached properties rising an impressive 72.3 per cent year over year.
Following a strong February, condo sales continued their growth, rising 47.1 per cent in March compared with March 2014.
New listings in Greater Vancouver in March were 13 per cent higher than the same month last year. But, following the downward trend of previous months, active listings were down 14.5 per cent, as inventory tightened even further.
Now undeniably a seller's market, the sales-to-active-listings rose to 32.8 per cent, the highest since before the recession in July 2007.
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“The number of homes for sale today is below what’s typical for this time of year,” said Darcy McLeod, the recently appointed REBGV president. “If you’ve been considering putting your property on the market, these market conditions indicate that now may be a good time to list.”
Benchmark Price (MLS® Home Price Index)
The benchmark price for all residential properties in Greater Vancouver now stands at $660,700, which is up 7.2 per cent year over year and up $11,000, or 1.7 per cent, compared with February's $649,700.
Single-family detached homes continued to see the highest price rises of all property types.
Despite the sharp year-over-year jump in condominium apartment sales, prices continued to grow only modestly.
The composite benchmark prices by housing type are:
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"We're seeing strong competition amongst home buyers today. This is leading to more multiple offer situations and some upward pressure on home prices,” said Darcy McLeod, REBGV president said. “For sellers, this means that it's taking less time, on average, for your home to sell if you have it priced correctly for today's market."
Home prices vary widely throughout the REBGV region. To get a good idea of home prices in a specific location, check the detailed MLS® Home Price Index in the REBGV full statistics package.
- The Real Estate Board of Greater Vancouver covers Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
- The board covers only homes being resold through the Multiple Listing Service, and does not record sales of newly built homes unless they are listed with the MLS®, so the house prices in the Home Price Index don't reflect all of the residential real estate sold in the area.