Latest numbers from the Real Estate Board of Greater Vancouver revealed that the metro area has experienced its lowest level of new housing supply for the month of March since 2009.
“New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,762 in March 2017. This represents a decrease of 24.1 per cent compared to the 6,278 units listed in March 2016 and a 29.9 per cent increase compared to February 2017 when 3,666 properties were listed,” the REBGV announced.
“The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,586, a 3.1 per cent increase compared to March 2016 (7,358) and a 0.1 per cent decrease compared to February 2017 (7,594).”
Meanwhile, residential sales in the area sharply decreased by 30.8 per cent year-over-year last month, down to 3,579 transactions. However, this represented a 47.6 per cent rally from February 2017, when 2,425 homes were sold.
“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” REBGV president Jill Oudil said.
“Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”
The composite benchmark price across all residential property types in Metro Vancouver last month increased by 1.4 per cent from February, up to over $919,000.