The first quarter of 2018 was a relatively quiet one when it came to home sales and purchases throughout Metro Vancouver.
According to the latest figures from the Real Estate Board of Greater Vancouver (REBGV) residential home sales in the region totalled 2,517 in March 2018.
This is a 29.7% decrease from the 3,579 sales recorded in March 2017, and a 14% increase compared to February 2018 when 2,207 homes were sold.
Sales in March were also 23% below the 10-year March sales average.
There were 6,542 home sales on the Multiple Listing Service (MLS) in Metro Vancouver during the first quarter of 2018 – a 13.1% decrease from the 7,527 sales over the same period last year.
This represents the region’s lowest first-quarter sales total since 2013.
“We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” said REBGV president Phil Moore. “High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.”
Fewer properties listed
According to the REBGV, there were 4,450 detached, attached and apartment properties newly listed for sale in Metro Vancouver last month.
This represents a 6.6% decrease compared to the 4,762 homes listed in March 2017.
However, it’s a 5.4% increase compared to February of this year, when 4,223 homes were listed.
There were 12,469 for sale in Metro Vancouver during the first quarter of 2018, a 0.8% decrease from the 12,568 sales over the same period last year. This represents the region’s lowest first-quarter new listings total since 2013.
The total number of homes currently listed for sale on the MLS system in Metro Vancouver is 8,380, a 10.5% increase compared to March 2017 (7,586) and a 7.1% increase compared to February 2018 (7,822).
“Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low,” Moore said. “Last month was the quietest March for new home listings since 2009 and the total inventory.”
This applied in particular to the condo and townhome segments of homes for sale, which “remains well below historical norms.”
Benchmark home prices still increase
The MLS Home Price Index’s benchmark price for all residential properties in Metro Vancouver is currently $1,084,000.
This represents a 16.1% increase over March 2017 and a 1.1% increase compared to February 2018.
Sales of detached properties in March 2018 decreased 37% from the 1,150 detached sales recorded in March 2017.
Apartment sales were also down by 26.7% compared to this time last year.
Attached property sales saw a decline in sales numbers as well, with 446 being sold last month – a drop of 24.1% compared to March 2017.