{"id":501,"date":"2022-04-05T10:16:26","date_gmt":"2022-04-05T17:16:26","guid":{"rendered":"https:\/\/www.ownre.ca\/\/blog\/?p=501"},"modified":"2022-10-27T16:30:52","modified_gmt":"2022-10-27T23:30:52","slug":"metro-vancouver-buyer-demand-remains-elevated-in-spring","status":"publish","type":"post","link":"https:\/\/www.ownre.ca\/blog\/metro-vancouver-buyer-demand-remains-elevated-in-spring\/","title":{"rendered":"METRO VANCOUVER BUYER DEMAND REMAINS ELEVATED IN SPRING"},"content":{"rendered":"
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While down from last year\u2019s record numbers, home sale activity in Metro Vancouver\u2019s housing market remained elevated in March.<\/p>\n

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 per cent decrease from the 5,708 sales recorded in March 2021, and a 26.9 per cent increase from the 3,424 homes sold in February 2022.<\/p>\n

Last month\u2019s sales were 25.5 per cent above the 10-year March sales average.<\/p>\n

March of 2021 was the highest selling month in our history. This year\u2019s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago. Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.<\/p>\n

There were 6,673 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in March 2022. This represents a 19.5 per cent decrease compared to the 8,287 homes listed in March 2021 and a 22 per cent increase compared to February 2022 when 5,471 homes were listed.<\/p>\n

The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 7,628, a 16.6 per cent decrease compared to March 2021 (9,145) and a 13.1 per cent increase compared to February 2022 (6,742).<\/p>\n

We\u2019re still seeing upward pressure on prices across all housing categories in the region. Lack of supply is driving this pressure. The number of homes listed for sale on our MLS\u00ae system today is less than half of what\u2019s needed to shift the market into balanced territory.<\/p>\n

For all property types, the sales-to-active listings ratio for March 2022 is 56.9 per cent. By property type, the ratio is 38.8 per cent for detached homes, 73.3 per cent for townhomes, and 70.3 per cent for apartments.<\/p>\n

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.<\/p>\n

The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,360,500. This represents a 20.7 per cent increase over March 2021 and a 3.6 per cent increase compared to February 2022.<\/p>\n

Sales of detached homes in March 2022 reached 1,291, a 34.3 per cent 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 per cent increase from March 2021 and a 3.6 per cent increase compared to February 2022.<\/p>\n

Sales of apartment homes reached 2,310 in March 2022, a 14.3 per cent 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 per cent increase from March 2021 and a 3.4 per cent increase compared to February 2022.<\/p>\n

Attached home sales in March 2022 totalled 743, a 29.0 per cent 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 per cent increase from March 2021 and a 28.1 per cent increase compared to February 2022.<\/p>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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While down from last year\u2019s record numbers, home sale activity in Metro Vancouver\u2019s housing market remained elevated in March. The Real Estate Board of Greater Vancouver …<\/p>\n","protected":false},"author":2,"featured_media":502,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t