Metro Vancouverhome buyer demand remains elevated
While down from last year’s record numbers, home sale activity in Metro Vancouver’s* housing market remained elevated in March. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,344 in March 2022, a 23.9percent decrease from the 5,708 sales recorded in March 2021, and a 26.9 percent increase from the 3,424 homes sold in February 2022. Last month’s sales were 25.5 percent above the 10-year March sales average.
“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,” Daniel John, REBGV Chair said. “Home buyers are keeping a close eye on rising interest rates,hoping to make a move before their locked-in rates expire.”
There were 6,673 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2022. This represents a 19.5 percent decrease compared to the 8,287 homes listed in March 2021and a 22 percent increase compared to February 2022 when 5,471 homes were listed. The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,628, a16.6 percent decrease compared to March 2021(9,145) and a 13.1 percent increase compared to February 2022(6,742)