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 (REBGV) reports that residential home sales in the region totalled 4,344 in March 2022, a 23.9 percent decrease from the 5,708 sales recorded in March 2021, and a 26.9 percent increase from the 3,424 homes sold in February 2022.
Last month’s sales were 25.5 percent above the 10-year March sales average.
“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago,” Daniel John, REBGV Chair said. “Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.”
There were 6,673 detached, attached, and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2022. This represents a 19.5 percent decrease compared to the 8,287 homes listed in March 2021 and a 22 percent increase compared to February 2022 when 5,471 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,628, a 16.6 percent decrease compared to March 2021 (9,145) and a 13.1 percent increase compared to February 2022 (6,742).
“We’re still seeing upward pressure on prices across all housing categories in the region. Lack of supply is driving this pressure,” John said. “The number of homes listed for sale on our MLS® system today is less than half of what’s needed to shift the market into balanced territory.”
For all property types, the sales-to-active listings ratio for March 2022 is 56.9 percent. By property type, the ratio is 38.8 percent for detached homes, 73.3 percent for townhomes, and 70.3 percent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,360,500. This represents a 20.7 percent increase over March 2021 and a 3.6 percent increase compared to February 2022.
Sales of detached homes in March 2022 reached 1,291, a 34.3 percent decrease from the 1,965 detached sales recorded in March 2021. The benchmark price for a detached home is $2,118,600. This represents a 23.4 percent increase from March 2021 and a 3.6 percent increase compared to February 2022.
Sales of apartment homes reached 2,310 in March 2022, a 14.3 percent decrease compared to the 2,697 sales in March 2021. The benchmark price of an apartment home is $835,500. This represents a 16.8 percent increase from March 2021 and a 3.4 percent increase compared to February 2022.
Attached home sales in March 2022 totalled 743, a 29.0 percent decrease compared to the 1,046 sales in March 2021. The benchmark price of an attached home is $1,138,300. This represents a 4.4 percent increase from March 2021 and a 28.1 percent increase compared to February 2022.