Despite housing supply in the Vancouver area continuing to rise, the number of homes that changed hands in the region last month fell to the lowest levels for March since 2019.
The city’s real estate board says residential sales in the region totalled 2,091 in March, a 13.4 percent decrease from the 2,415 sales recorded in March 2024 and 36.8 percent below the 10-year seasonal average.
There were 6,455 newly listed properties on the market, a 29 percent increase from March 2024, as total active listings rose 37.9 percent year-over-year to 14,546.
Greater Vancouver Realtors director of economics and data analytics Andrew Lis says buyers in Metro Vancouver “haven’t seen market conditions this favourable in years,” amid prices that have eased from recent highs and declining mortgage rates.
While sellers appear ready to engage, he says, so far, “buyers have not shown up in the numbers we typically see at this time of year.”
The composite benchmark price in March was $1,190,900, down 0.6 percent from a year earlier but 0.5 percent higher than February.
Related Stories
