Vancouver Real Estate Market Insight: October Sales Exceed Historical Average
November 4, 2017

Vancouver Real Estate Market Insight – Unusually Slow Spring Market – March 2018

How was the real estate market this March? In general, sales have dropped and prices went higher, especially in the condo market. As per the REBGV (Real Estate Board of Greater Vancouver), there were fewer home sales and listings in the first quarter of 2018. Although it was a quiet month in terms of sales, the prices remained high, says Philip Moore, the president of REBGV.

Monthly Summary – March 2018

Last month’s sales were 23% below the 10-year March sales average.

Listing Stats on Multiple Listing Service® (MLS®)

Total Residential Property Sales = 2,517

29.7% decrease from March 2017
14% increase compared to February 2018

Detached Properties/ Single Family Homes= 772

37% decrease from March 2017
Benchmark Price = $1,608,500
7.4% increase from March 2017
0.4% increase compared to February 2018

Attached Properties = 446

24.1% decrease from March 2017
Benchmark Price = $835,300
17.7% increase from March 2017
2% increase compared to February 2018

Condo/Apartments = 1,349

26.7% decrease from March 2017
Benchmark Price = $693,500
26.2% increase from March 2017
1.6% increase compared to February 2018

New Listings: Detached, Attached and Apartment properties = 4,450

6.6% decrease compared to March 2017
5.4% increase compared to February 2018

Total number of properties currently listed for sale on the MLS® = 8,380

10.5% increase compared to March 2017
7.1% increase compared to February 2018

Sales-to-active listings ratio – 30 % (Buyer’s market)

Detached Homes – 14.2% (Buyer’s Market)
Townhomes – 39.9% (Balanced Market)
Condo – 61.6% (Seller’s Market)

Home Price Index benchmark price for all Residential properties = $1,084,000

16.1% increase compared to March 2017
1.1% increase compared to February 2018

Quarterly Summary – Q1 2018

New Listings: 12,469
0.8% decrease from Q1 2017
Home Sales = 6,542
13.1% decrease from Q1 2017

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