Greater Vancouver home prices up 3.6 per cent in March, from February

Year-over-year price increase in March was 20.7 per cent

Grosvenor Pacific - Vancouver House - gk
The Grosvenor Pacific and Vancouver House condominium buidlings are iconic fixtures in Vancouver's Downtown South neighbourhood | Glen Korstrom

Greater Vancouver home prices continued to soar in March, according to Real Estate Board of Greater Vancouver (REBGV) data released today.

The region's benchmark home price rose to $1,360,500 in March, up 20.7 per cent from March 2021, and 3.6 per cent from February, according to the association that represents realtors and their companies.

Benchmark prices for all classes of home have been reaching new all-time highs in recent months. The region's benchmark home price at the end of 2021 was $1,230,200.

“We’re still seeing upward pressure on prices across all housing categories in the region," said REBGV chair Daniel John. "Lack of supply is driving this pressure."

Sales for homes has slowed, but remains comparatively high. 

Home owners transacted 4,344 sales in March, down 23.9 per cent from the record monthly high of 5,708 homes in March 2021. March's sales total was 25.5 per cent higher than the 10-year average for that month. 

New homes are being listed for sale, but less frequently than last year. 

There were 6,673 detached, atttached and apartment properties listed for sale on the Multiple Listings Service in Metro Vancouver in 2022, according to the REBGV. That is 19.5 per cent down from the 8,287 homes listed for sale in March 2021, but 22 per cent more than the 5,471 homes listed for sale in February. 

The real estate class that saw the biggest sales decline was detached homes. Sales of detached homes in March 2022 reached 1,291 – 34.3 per cent less than the 1,965 detached sales recorded in March 2021. The benchmark price for a detached home is $2,118,600. That's 23.4 per cent more than March 2021, and 3.6 per cent more than February 2022.

Sales of apartment homes reached 2,310 in March 2022 – 14.3 per cent less than the 2,697 sales in March 2021. The benchmark price of an apartment home in the region is now $835,500. That's 16.8 per cent more than March 2021, and 3.4 per cent more than in February 2022.

Attached home sales in March 2022 totalled 743, which was 29 per cent less than the 1,046 sales in March 2021. The benchmark price of an attached home is $1,138,300, which is 28.1 per cent more than in March 2021, and 4.4 per cent more than February 2022.