Spring is out of the gate at top speeds. The March numbers are in, and they’re breaking new records. Residential property sales in the Lower Mainland totalled 5,173 this past month: a whopping 56% above the 10-year sales average for March. They were up by 24% from February alone (4,172 sales), and 27.4% up from the 4,060 sales in March 2015.
“Strong job and economic growth in our province, positive net migration and low interest rates are helping to drive this activity,” said Real Estate Board of Greater Vancouver’s new president, Dan Morrison. Morrison, who started his tenure as the REBGV’s fearless leader last month, went on to explain that the demand is broad-based. Meaning sales aren’t concentrated in one particular neighbourhood, which is great news for sellers looking to get their properties on the market.
There were a total of 6,278 new listings in March, covering detached, attached, and apartment properties across Metro Vancouver. It’s a moderate 5.2% increase from the same time last year, and an 8% increase from February. What’s interesting, is that the total number of properties for sale is 7,358; a dramatic 40.5% decline from March 2015.
The Rest At a Glance:
Benchmark price for all residential properties: $815,000
23.2% increase from March 2015
Benchmark price for a detached property is $1,342,500
27.4% increase from March 2015
Detached property sales totaled 2,135
24.8% increase from March 2015
Benchmark price for an apartment property is $462,800
18.8% sales increase from March 2015
Apartment property sales totaled 2,252
38.4% increase from March 2015
Benchmark price for an attached unit is $589,100
20.1% increase from March 2015
Attached property sales totaled 786
8.9% increase from March 2015
*REBGV Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.