Anil Bharwani

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Sales and prices edge higher for Metro Vancouver homes

Wed Apr 2, 2014 11:19am PST

 

Sales and prices for Metro Vancouver homes edged higher in March, according to statistics released April 2 by the Real Estate Board of Greater Vancouver (REBGV).

 

 

The REBGV counted 2,641 residential property sales in March, which is 12.5% more than the 2,347 properties that transacted in March 2013. It is also a 4.4% premium over the 2,500 homes that changed hands in February.

March's sales, however, were 17.2% below the 10-year sales average for the month, which is 3,190 sales.

Prices also rose – both year-over-year and compared to February.

The REBGV pinned the benchmark home price for the region at $615,200. That's 3.7% more than the benchmark price of $593,100 in March 2013. It is also higher than the REBGV's benchmark price of $609,100 in February.

Fueling this stability is a constant sales-to-active-listings ratio, which stayed flat from February at 18.2%.

"We continue to see steady and stable market conditions across the Greater Vancouver housing market," said REBGV president Ray Harris. "There has been a consistent balance between home seller supply and home buyer demand in our marketplace over the last year."

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