Greater Vancouver Housing Market Update for March 2019
Last month’s sales were 46.3% below the 10-year March sales average and was the lowest total for the month in 33 years. Prospective home buyers continue to stay on the sidelines. Home benchmark price for all property types continue to drop as well. Current market trends are caused mainly by stringent mortgage qualification rules and new taxes imposed by the government.
Housing Market Condition: Housing market condition and pricing can vary depending on area and property type so please consult me for your area of interest. Generally analysts say that a buyer’s market condition occurs when the sales ratio is 12% or less. Balanced market occurs when the ratio is between 13% and 20%. Seller’s market occurs when the ratio is 21% or more.
- All Properties: Balanced market with a sales ratio of 13.5%.
- Detached House: Buyer's market with a sales ratio of 9.4%.
- Townhouse: Balanced market with a sales ratio of 15.9%.
- Apartment: Balanced market with a sales ratio of 17.2%
- Total 1,727 residential sales in Mar 2019.
- 16.4% increase compared to Feb 2019.
- 31.4% decrease compared to Mar 2018.
- Total 4,949 residential new listings in Mar 2019.
- 27.2% increase compared to Feb 2019.
- 11.2% increase compared to Mar 2018.
Total Number of Listings
- Total 12,774 residential listings on the MLS® in Mar 2019.
- 10.2% increase compared to Feb 2019.
- 52.4% increase compared to Mar 2018.
Home Benchmark Price: Home benchmark price represents estimated sale price of a benchmark property. Benchmark property represents a typical property within each market.
- Detached House: Benchmark price decrease 10.5% from Mar 2018 to $1,437,100.
- Townhouse: Benchmark price decrease 6% from Mar 2018 to $783,600.
- Apartment: Benchmark price decrease 5.9% from Mar 2018 to $656,900.
Average Days on Market
- Detached House: Mar 2019, 46 days. Mar 2018, 40 days. Mar 2017, 39 days.
- Townhouse: Mar 2019, 39 days. Mar 2018, 23 days. Mar 2017, 27 days.
- Apartment: Mar 2019, 37 days. Mar 2018, 18 days. Mar 2017, 22 days.
Download the complete stats package here.
Site design is Copyright© 2013 myRealPage.com Inc. All rights reserved.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.