Homes sales in the region have dipped to the lowest levels seen in more than three decades — in fact, the same year the World’s Fair (aka Expo) was in Vancouver.
In its latest market report, the Real Estate Board of Greater Vancouver (REBGV) reported that sales in March totalled just 1,727, a decline of 31.4% compared to the 2,517 sales of March 2018.
Last month’s sales numbers were down 16.4% compared to what was sold in February 2019.
March’s sales were actually the lowest total seen since 1986.
REBGV President Ashley Smith said in a statement that the market trends can be attributed to policy-induced changes that have taken effect in the real estate market.
“Housing demand today isn’t aligning with our growing economy and low unemployment rates. For three years, governments at all levels have imposed new taxes and borrowing requirements on to the housing market,” she said.
Smith says policymakers don’t realize that the demand-size measures aren’t actually eliminating demand, but instead are pushing potential buyers temporarily to the sidelines.
“Using public policy to delay local demand in the housing market just feeds disruptive cycles that have been so well-documented in our region,” Smith said.
There were 4,949 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service in Metro Vancouver in March 2019 — an 11% increase compared to March 2018.
The benchmark price for all residential properties in the region is currently $1,011,200, down 7.7% from March 2018, and a 0.5% decrease compared to February 2019.