Metro Vancouver experiences adjustment in home buying activity in March

Metro Vancouver experiences adjustment in home buying activity in March

Metro Vancouver experiences adjustment in home buying activity in March

Metro Vancouver’s housing market saw steady home buyer demand at the start of March – however, activity levelled-off later in the month as concerns about the COVID-19 outbreak intensified.

According to Ashley Smith, president of the Real Estate Board of Greater Vancouver (REBGV), much of the sales recorded in March were in process before the provincial government declared a state of emergency.

“The first two weeks of the month were the busiest days of the year for our region with heightened demand and multiple offers becoming more common,” said Ashley Smith, president of REBGV. “Like    other aspects of our lives, this changed as concerns over the COVID-19 situation in our province grew.”

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REBGV reported total residential home sales of 2,524 in March 2020, a 46.1% increase from the 1,727 sales recorded in March 2019 and a 17.4% increase from the 2,150 homes sold in February 2020. However, daily residential sales in the region, which averaged 138 in the first 10 business days of the month, declined to an average of 93 sales in the final 10 business days of March.

The board also reported 4,436 detached, attached, and apartment properties newly listed for sale in Metro Vancouver in March 2020, representing a 10.4% decrease compared to the 4,949 homes listed in March 2019 and a 10.8% increase compared to the month prior, when 4,002 homes were listed.

The composite benchmark price for all residential properties in Metro Vancouver is currently $1,033,700 –a 2.1% year-on-year increase from March 2019, and a 1.3% from February 2020.