No sign of this hot market slowing down

by Justin da Rosa06 Apr 2016
Agents in this hot market are riding a wave that shows no signs of cresting.

Vancouver residential home sales increased 27.4% year-over-year in March, totalling 5,173.
Sales increased 24% month-over-month, increasing by more than 1,000 homes, according to the Real Estate Board of Greater Vancouver.

"March was the highest selling month the REBGV has ever recorded,” Dan Morrison, REBGV president said. “Today's demand is broad based. Home buyers are active in neighbourhoods across our region."

Not only did agents sell an impressive number of homes, more supply is now available than a year before.

New listings for all home types totalled 6,278 in March – an increase of 5.2% year-over-year.

A strong economy as well as positive migration are credited with helping agents get the job done.
“Strong job and economic growth in our province, positive net migration and low interest rates are helping to drive this activity," Morrison said.

According to the real estate board, detached home sales increased 24.8% year-over-year for a total of 2,135. The benchmark price for those sales increased 24.7% y/y to $1.34 million.

Apartment sales, meanwhile, increased 38.4%. The benchmark price increased 18.8% y/y to $462,800.

Finally, attached home sales totaled 786 in March – an 8.9% y/y hike. The benchmark price also grew by 20.1% to $589,100.

“Last month’s sales were 56 per cent above the 10-year sales average for the month,” the real estate board said in a release.

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