While down from last year's record numbers, home sale activity in Metro Vancouver's housing market remained elevated in March.
The Real Estate Board of Greater Vancouver saw residential homes sales total 4,344 for March 2022 which is a 23.9% decrease from this time last year (5,708) and a 26.9% increase from the 3,424 homes sold in February 2022. Last month's sales were 25.5% above the 10-year March sales average.
Newly listed properties in March for Metro Vancouver reached 6,673 for all property types. This equates to a 22% decrease from February 2022 (5,471) and a 19.5% decrease compared to March 2021 (8,287).
Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw an increase in the combined sales-to-active ratio from last month keeping us in a Seller's Market.
Broken down by property type, the sales-to-active ratio for March 2022 is 38.8% for detached homes, 73.3% for townhouses, and 70.3% for condos. This means that townhouses are in a high Seller's Market, condos are in a Seller's Market as well and the detached sector is still in a Seller's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,360,500 this represents a 20.7% increase over March 2021.
The total sales for March 2022 were 4,344. This works out to 1,291 detached homes with a benchmark price of $2,118,600, 743 townhouses with a benchmark price of $1,138,300 and 2,310 apartments with a benchmark price of $835,500.
Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!