The benchmark value got here out to $1.36 million
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Vancouver house gross sales declined in March from final 12 months’s record-breaking ranges, however costs continued to rise, leaping greater than 20 per cent amid a dearth of listings.
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Residential house gross sales had been down practically 24 per cent year-over-year at 4,344 models final month, in keeping with knowledge from the Actual Property Board of Larger Vancouver. Whereas the gross sales tally was under file ranges, the board famous it’s nonetheless traditionally excessive and was up practically 27 per cent from the three,424 properties bought in February. The board added that there was elevated house purchaser demand within the Metro Vancouver space.
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The benchmark value got here out to $1.36 million, a roughly 21 per cent enhance from March final 12 months.
“March of 2021 was the very best promoting month in our historical past. This 12 months’s exercise, whereas nonetheless elevated, is going on at a calmer tempo than we skilled 12 months in the past,” mentioned REBGV chair Daniel John in a press launch. “Residence patrons are protecting a detailed eye on rising rates of interest, hoping to make a transfer earlier than their locked-in charges expire.”
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John, nonetheless, prompt a scarcity of provide within the Vancouver area will proceed to drive costs increased throughout all housing classes.
“The variety of properties listed on the market on our (a number of itemizing service) system immediately is lower than half of what’s wanted to shift the market into balanced territory,” John mentioned in an announcement.
Fewer properties additionally got here to market in comparison with final 12 months as new listings for indifferent, connected and house properties fell greater than 19 per cent to six,673. On a month-over-month foundation, listings had been up 22 per cent, an indication the spring actual property season could also be beginning to ramp up.
British Columbia is exploring new methods to rein within the province’s overheated housing market. Final week, the B.C. authorities introduced that it could be imposing a “cooling off interval” for house patrons to assist present stronger protections for patrons and to deal with excessive house costs. Particulars on how lengthy the interval may final and what monetary penalties homebuyers can anticipate in the event that they again out of a suggestion might be launched later this 12 months.
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