Metro\nVancouver home sales dipped to the lowest levels seen in March in more than\nthree decades.<\/p>\n\n\n\n
The\nReal Estate Board of Greater Vancouver (REBGV) reports that residential home\nsales in the region totalled 1,727 in March 2019, a 31.4 per cent decrease from\nthe 2,517 sales recorded in March 2018, and a 16.4 per cent increase from the\n1,484 homes sold in February 2019.<\/p>\n\n\n\n
Last\nmonth\u2019s sales were 46.3 per cent below the 10-year March sales average and was\nthe lowest total for the month since 1986.<\/p>\n\n\n\n
\u201cHousing\ndemand today isn\u2019t aligning with our growing economy and low unemployment\nrates. The market trends we\u2019re seeing are largely policy induced,\u201d Ashley\nSmith, REBGV president said. \u201cFor three years, governments at all levels have\nimposed new taxes and borrowing requirements on to the housing market.\u201d<\/p>\n\n\n\n
\u201cWhat\npolicymakers are failing to recognize is that demand-side measures don\u2019t\neliminate demand, they sideline potential home buyers in the short term. That\ndemand is ultimately satisfied down the line because shelter needs don\u2019t go\naway. Using public policy to delay local demand in the housing market just\nfeeds disruptive cycles that have been so well-documented in our region.\u201d<\/p>\n\n\n\n
There\nwere 4,949 detached, attached and apartment properties newly listed for sale on\nthe Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in March 2019. This\nrepresents an 11.2 per cent increase compared to the 4,450 homes listed in\nMarch 2018 and a 27.2 per cent increase compared to February 2019 when 3,892\nhomes were listed.<\/p>\n\n\n\n
The\ntotal number of homes currently listed for sale on the MLS\u00ae system in Metro\nVancouver is 12,774, a 52.4 per cent increase compared to March 2018 (8,380)\nand a 10.2 per cent increase compared to February 2019 (11,590).<\/p>\n\n\n\n
For\nall property types, the sales-to-active listings ratio for March 2019 is 13.5\nper cent. By property type, the ratio is 9.4 per cent for detached homes, 15.9\nper cent for townhomes, and 17.2 per cent for apartments.<\/p>\n\n\n\n
Generally,\nanalysts say downward pressure on home prices occurs when the ratio dips below\n12 per cent for a sustained period, while home prices often experience upward\npressure when it surpasses 20 per cent over several months.<\/p>\n\n\n\n
The\nMLS\u00ae Home Price Index composite benchmark price for all residential properties\nin Metro Vancouver is currently $1,011,200. This represents a 7.7 per cent\ndecrease from March 2018, and a 0.5 per cent decrease compared to February\n2019.<\/p>\n\n\n\n
Sales\nof detached homes in March 2019 reached 529, a 26.7 per cent decrease from the\n722 sales in March 2018. The benchmark price for a detached home is $1,437,100.\nThis represents a 10.5 per cent decrease from March 2018, and a 0.4 per cent\ndecrease compared to February 2019.<\/p>\n\n\n\n
Sales\nof apartment homes reached 873 in March 2019, a 35.3 per cent decrease compared\nto the 1,349 sales in March 2018. The benchmark price of an apartment property\nis $656,900. This represents a 5.9 per cent decrease from March 2018, and a 0.5\nper cent decrease compared to February 2019.<\/p>\n\n\n\n
Attached\nhome sales in March 2019 totalled 325, a 27.1 per cent decrease compared to the\n446 sales in March 2018. The benchmark price of an attached home is $783,600.\nThis represents a six per cent decrease from March 2018, and a 0.7 per cent\ndecrease compared to February 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"
Metro Vancouver home sales dipped to the lowest levels seen in March in more than three decades. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales … [read more<\/a>]<\/p>\n","protected":false},"author":2,"featured_media":427,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[206,156,138,230,137,4,195,224,3],"_links":{"self":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/757"}],"collection":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/comments?post=757"}],"version-history":[{"count":1,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/757\/revisions"}],"predecessor-version":[{"id":758,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/757\/revisions\/758"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/media\/427"}],"wp:attachment":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/media?parent=757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/categories?post=757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/tags?post=757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}