Prices for Metro Vancouver homes rose in March even as sales and new listings sputtered, according to statistics that the Real Estate Board of Greater Vancouver (REBGV) released April 4.
The benchmark price for a home in the region inched up to $1,084,000 in March. That is 16.1% more than March 2017, and 1.1% more than in February.
Compared with February, attached homes led the way with a 2% increase in the benchmark price, to $835,300; while condominiums increased in value by 1.6% to a benchmark price of $693,500. Detached homes increased by a more marginal 0.4% rate to a benchmark price of $1,608,500.
Benchmark prices compare homes based on similar features and are less volatile than average prices, which can swing wildly depending on how many bedrooms a home has or what area it is in.
While prices increased, however, sales were decidedly down.
March home sales were not only 23% below the 10-year average for that month in the region but, at 2,517 home sales, the total number of sales was 29.7% less in March than the 3,579 sales that transacted in March 2017.
“High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today,” said REBGV president Phil Moore, who foresees continued upward pressure on prices as long as the supply of homes remains low.
“Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms.”
