Last Updated on October 24, 2023 by Neil Sharma
March was a record-setting month in Metro Vancouver with 5,708 sales, says the Real Estate Board of Greater Vancouver (REBGV).
Sales surged by 126.1% year-over-year from 2,524 in March 2020, and by 53.2% from 3,727 a month earlier. Moreover, last month’s sales total was 72.2% above the 10-year March average.
The region’s rural and suburban areas saw the most significant increases in activity, including in Delta-South, where sales surged by 195.8% year-over-year, Whistler, where sales increased by 194.7%, and Squamish, where sales rose by 188.6%.
According to the REBGV, there were 8,287 new listings in the form of detached, attached and condo apartments on the MLS in Metro Vancouver last month, representing an 86.8% year-over-year increase from 4,436 listings in March 2020, and a 64.2% month-over-month rise.
There are currently 9,145 homes listed on the Metro Vancouver MLS, which is 4.8% below the number of listings in March 2020, and 18.6% below the 10-year average for March.
“While we did see a record number of listings enter the market last month, the demand in today’s market isn’t allowing that new supply to accumulate. As a result, the overall inventory of homes for sale decreased compared to last year,” Taylor Biggar, the REBGV’s chair, said in a statement.
The average price of a Vancouver area home last month was $1,123,300, which is 9.4% higher than in March 2020, and a 3.6% month-over-month increase. Detached homes increased by 17.9% year-over-year to $1,700,200, while attached homes rose by 10.4% to $872,200, and condo prices were up 3.7% to $715,800.
Meanwhile, the Calgary Real Estate Board (CREB) reported that home sales increased by 147% last month to 2,903 from 1,174 in March 2020, which it attributed to the low interest rate environment and excess savings in the city’s households. Moreover, the sales spike marked a 14-year high.
The board noted that bidding wars are commonplace in Calgary’s housing market and that inventory had declined to 5,416 properties last month from 5,863 during the prior-year period. New listings also rose by 83% to 4,437 from 2,418.
The benchmark price of a Calgary home increased by 7% to $441,900 in March from $414,800 a year earlier, while the benchmark detached house price rose to $516,300 from $478,400, and condos climbed to $250,000 from $242,500.
“Low lending rates and improved savings have supported sales activity,” said CREB’s chief economist Ann-Marie Lurie in a statement. “However, sales have been somewhat restricted by the lack of listings. This month there was a jump in new listings, contributing to the strong monthly sales.”
Neil Sharma is the Editor-In-Chief of Canadian Real Estate Wealth and Real Estate Professional. As a journalist, he has covered Canada’s housing market for the Toronto Star, Toronto Sun, National Post, and other publications, specializing in everything from market trends to mortgage and investment advice. He can be reached at neil@crewmedia.ca.
