The spring homebuying season has evidently arrived in Greater Vancouver. Some 4,060 homes changed hands across the Multiple Listing Service last month, a 53.7 per cent increase from the 2,641 sales recorded in March 2014,. According to the Real Estate Board of Greater Vancouver (REBGV), last month’s sales were 26.8 per cent above the 10-year average for the month.
“We’re seeing strong competition amongst home buyers today. This is leading to more multiple offer situations and some upward pressure on home prices,” REBGV president Darcy McLeod said in a release.
The benchmark price for all property types in the region — single-family homes, condos and townhomes — hit $660,700, a year-over-year increase of 7.2 per cent.
But to really get a sense of just how hot the market is, one must zero in on the region- and property-specific data.
More highlights from the report
- The benchmark price of a single-family home on the west side of Vancouver proper hit $2,447,700 in March, up 12.3% from a year earlier
- The typical price of a detached home on Vancouver’s East Side hit $1,015,200, representing a 14.5% per cent increase from March 2014
- Squamish posted some of the biggest gains across the board, with the benchmark price for all property types climbing 14.7% year-over-year (condo prices alone were up 28.3%)
- The benchmark price of a condo in West Vancouver hit $637,100 in March, the highest of any region in the Vancouver area
- Whistler experienced the largest year-over-year increase for the townhome segment, with prices climbing 15.3% to $498,900
- Single-family home prices in Richmond continue to climb above the $1 million mark, reaching $1,075,900 at month’s end
For more, the complete REBGV statistics package can be seen here.