The Real Estate Board of Greater Vancouver (REBGV) reports that the total number of completed residential transactions across Metro Vancouver was down relative to historical norms in March.
The 2517 total home sales across the region were a 29.7% decrease compared with the same month last year and approximately 23% below the 10-year sales average for March, but a 14% increase over the 2207 homes that were sold in February 2018. For the first quarter of 2018, the REBGV reports a total of 6542 transactions on the MLS, which was the lowest first quarter sales total since 2013.
Despite the drastic drop in deal volume, benchmark prices increased for all product types month over month. In Frontline’s core markets of Coquitlam and Burnaby South, Townhome prices increased by 1.3 and 2.4% respectively while condo prices increased by 2.1% in Coquitlam and 2.4% in Burnaby South. Bucking the regional trend, single family home prices in Burnaby South decreased by 0.5%, while detached prices in Coquitlam outpaced the rest of Greater Vancouver and grew by 1%.
While efforts to reduce demand for Greater Vancouver housing units have started to have an effect on the local housing market, it remains to be seen whether the cumulative effects of these changes will provide enough of a downward shock to prices to improve overall affordability across Greater Vancouver. The lack of available inventory is undoubtedly a key driver of price increases and must be addressed in order to achieve the desired goal of reducing home prices to the point where they are in step with the incomes of more buyers.
Check out our curated summary of the Greater Vancouver Real Estate Board’s September stats in infographics below.
Please note: areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.