Home prices across Metro Vancouver’s housing market showed modest increases in March, while new listings remained below long-term historical averages, according to the Real Estate Board of Greater Vancouver’s (REBGV) activity report for March.
The REBGV also says last month’s data indicates home sales in the region are making a stronger than expected spring showing, despite elevated borrowing costs.
Residential home sales in March 2023 saw a 42.5 per cent decrease from the sales recorded in March 2022, and 28.4 per cent below the 10-year seasonal average.
Sales of detached homes this March saw a 43.6 per cent decrease from the detached sales recorded in March 2022.
The benchmark price of a single-detached house in Ladner last month was $1,253,000. That is almost unchanged from the previous month, while down 19.3 per cent from March 2022.
The benchmark price for a house in Tsawwassen this March was $1,374,700. That is down almost around three per cent from this February, while down 18.3 per cent from March 2022.
Meanwhile, the benchmark price this March for a townhouse in Ladner and Tsawwassen was $998,500 and $1,000,400 respectively.
The benchmark for a condo last month in Ladner and Tsawwassen was $714,300 and $740,600 respectively.
The Fraser Valley Real Estate Board (FVRB), meantime, is reporting that March 2023 saw the second consecutive month of growth in sales in the Fraser Valley
Although still below seasonal norms, the trend is an encouraging sign that the region continues to head towards increased market stability, the FVRB says.
The benchmark price for a detached house in North Delta last month was $1,281,600, down 22.6 per cent from March 2022. The benchmark price for a North Delta townhouse and condo was $874,100 and $551,400 respectively.
