Metro Vancouver home sales up nearly 30% in March 2022 compared to previous month

Metro Vancouver home sales remained “elevated” in March 2022, with the Real Estate Board of Greater Vancouver (REBGV) reporting that a total of 4,344 homes were sold within its jurisdiction, down from a record-breaking 5,708 homes sold in March 2021.

While sales remain lower than the record numbers reported last year, they still totalled a 26.9% increase from 3,424 homes sold in February 2022.

Home sales in March were up 25.5% over the 10-year March sales average.

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“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago. Homebuyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire,” said REBGV Chair Daniel John in a statement.

In total, there were 6,673 homes listed, including detached, attached, and apartment properties. This represents a 19.5% decrease compared to the 8,287 homes that were listed in March 2021 and a 22% increase compared to February when 5,471 homes were listed.

When looking at the total homes currently listed for sale under the Multiple Listing Service (MLS), Metro Vancouver saw a 16.6% decrease in March 2022 compared to March 2021, with 7,628 homes listed. This is an increase of 13.1% when compared to February 2022.

REBGV

Supply is still playing a major role in the Metro Vancouver real estate market. As John states in the report, upward pressure is being driven by a lack of supply.

“The number of homes listed for sale on our MLS system today is less than half of what’s needed to shift the market into balanced territory.”

The report reveals that the current composite benchmark price for all residential properties in the Metro Vancouver area currently sits at $1,360,500. This is a 20.7% increase over March 2021 and a 3.6% increase compared to February 2022.

West Vancouver residential properties reached a benchmark price of $2,677,500, the highest in Metro Vancouver. New Westminster sits on the low end of that spectrum, with the benchmark price of all residential properties totalling $846,000.

When looking at detached home sales year-over-year, March 2022 saw a 34.3% decrease from the 1,965 detached home sales recorded in March 2021. In March 2022, 1,291 detached home sales were recorded. The benchmark price for a detached home is $2,118,600, which marks a 23.4% increase compared to March 2021, and a 3.6% increase compared to February 2022.

Vancouver’s west side saw the highest benchmark price for a detached home ($3,571,000), while the Sunshine Coast saw the lowest ($995,600).

Apartment home sales reached 2,310 in March 2022, a 14.3% decrease compared to 2,697 sales in March 2021. The benchmark price of an apartment home is $835,500, which represents a 16.8% increase from March 2021 and a 3.4% increase from February 2022.

West Vancouver also held the highest benchmark price for apartments ($1,189,100), while the lowest benchmark price could be found in Maple Ridge ($541,900.)

Finally, attached home sales reached 743 in March 2022, which represents a 29% decrease versus 1,046 sales in March 2021. The benchmark price of an attached home is currently $1,138,300, representing a 28.1% increase from March 2021 and a 4.4% increase from February 2022.

So despite Metro Vancouver home sales slowing down compared to last year, low supply meant that sales would likely remain relatively steady.

The REGBV report covers homes sold in Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

March 2022 Metro Vancouver home sales stats: REBGV

• Detached homes
  • Number of units sold: 1,291 (1,010 in February 2022)
  • Active listings: 3,330
  • Benchmark price: $2,118,600 ($2,044,800 in February 2022)
  • Average days on market: 22
• Apartment homes
  • Number of units sold: 2,310 (1,854 in February 2022)
  • Active listings: 3,285
  • Benchmark price: $835,500 ($807,900 in February 2022)
  • Average days on market: 16
• Townhouse sales
  • Number of units sold: 743 (560 in February 2022)
  • Active listings: 1,013
  • Benchmark price: $1,138,300 ($1,090,000 in February 2022)
  • Average days on market: 12