March Market Review

Demand Continued To Rise Across Metro Vancouver's Housing Market

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 4,060 on the MLS® in March 2015. This represents a 53.7% increase compared to the 2,641 sales recorded in March 2014, and a 32.6% increase compared to the 3,061 sales in February 2015.

Last month’s sales were 26.8% above the 10-year sales average for the month. "We're seeing strong competition amongst home buyers today. This is leading to more multiple offer situations and some upward pressure on home prices,” 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."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,968 in March. This represents a 13% increase compared to March 2014.
Last month’s new listing count was 4.7% higher than the region’s 10-year new listing average for the month. 

The total number of properties currently listed for sale on the REBGV MLS® is 12,376, a 14.5% decline compared to March 2014 and a 4% increase compared to February 2015.
“If you’ve been considering putting your property on the market, these market conditions indicate that now may be a good time to list,” REBGV president said. Sales of detached properties in March 2015 reached 1,711, an increase of 53.3% from the 1,116 detached sales recorded in March 2014, and an 83.4% increase from the 933 units sold in March 2013.
Sales of apartment properties reached 1,627 in March 2015, an increase of 47.1% compared to the 1,106 sales in March 2014, and an increase of 65.7% compared to the 982 sales in March 2013.

Attached property sales in March 2015 totalled 722, an increase of 72.3% compared to the 419 sales in March 2014, and a 67.1% increase from the 432 attached properties sold in March2013. G