Metro Vancouver home sales dipped to the lowest levels seen in March in more than three decades.
The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 1,727 in March 2019, a 31.4% decrease from the 2,517 sales recorded in March 2018, and a 16.4% increase from the 1,484 homes sold in February 2019.
Last month’s sales were 46.3% below the 10-year March sales average and was the lowest total for the month since 1986.
“Housing demand today isn’t aligning with our growing economy and low unemployment rates. The market trends we’re seeing are largely policy induced,” Ashley Smith, REBGV president said. “For three years, governments at all levels have imposed new taxes and borrowing requirements on to the housing market.”
“What policymakers are failing to recognize is that demand-side measures don’t eliminate demand, they sideline potential home buyers in the short term. That demand is ultimately satisfied down the line because shelter needs don’t go away. Using public policy to delay local demand in the housing market just feeds disruptive cycles that have been so well-documented in our region.”
There were 4,949 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® in Metro Vancouver in March 2019. This represents an 11.2% increase compared to the 4,450 homes listed in March 2018 and a 27.2% increase compared to February 2019 when 3,892 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,774, a 52.4% increase compared to March 2018 (8,380) and a 10.2% increase compared to February 2019 (11,590).
For all property types, the sales-to-active listings ratio for March 2019 is 13.5%. By property type, the ratio is 9.4% for detached homes, 15.9% for townhomes, and 17.2% for apartments.
The MLS® benchmark price for all residential properties in Metro Vancouver is currently $1,011,200. This represents a 7.7% decrease from March 2018, and a 0.5% decrease compared to February 2019.
Sales of detached homes in March 2019 reached 529, a 26.7% decrease from the 722 sales in March 2018. The benchmark price for a detached home is $1,437,100. This represents a 10.5% decrease from March 2018, and a 0.4% decrease compared to February 2019.
Sales of apartment homes reached 873 in March 2019, a 35.3% decrease compared to the 1,349 sales in March 2018. The benchmark price of an apartment property is $656,900. This represents a 5.9% decrease from March 2018, and a 0.5% decrease compared to February 2019.
Attached home sales in March 2019 totalled 325, a 27.1% decrease compared to the 446 sales in March 2018. The benchmark price of an attached home is $783,600. This represents a 6% decrease from March 2018, and a 0.7% decrease compared to February 2019.
Source: Craig Munn, Manager Communications, REBGV