Karen Tsao | 604-422-0855

Greater Vancouver Housing Market Update for March 2018

Greater Vancouver Housing Market Update for March 2018

Summary:  Home buyers and sellers were less active in Greater Vancouver in the first quarter of 2018.  Last month’s sales were 23% below the 10-year March sales average.  High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.  Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low.  Last month was the quietest March for new home listings since 2009.  Total inventory for sale remain well below historical norms particulary in the townhouse and apartment markets.  

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: Seller's market with a sales ratio of 30%.
  • Detached House: Balanced market with a sales ratio of 14.2%.
  • Townhouse:  Seller's market with a sales ratio of 39.9%.
  • Apartment:  Seller's market with a sales ratio of 61.6%
Residential Sales
  • Total 2,517 residential sales in Mar 2018. 
  • 14% increase compared to Feb 2018. 
  • 29.7% decrease compared to Mar 2017.
New Listings
  • Total 4,450 residential new listings in Mar 2018.
  • 5.4% increase compared to Feb 2018.
  • 6.6% decrease compared to Mar 2017.
Total Number of Listings
  • 8,380 Total residential listings on the MLS® in Mar 2018.
  • 7.7% increase compared to Feb 2018.
  • 10.5% increase compared to Mar 2017.
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 Increase 7.4% from Mar 2017 to $1,608,500.
  • Townhouse: Benchmark price increase 17.7% from Mar 2017 to $835,300.
  • Apartment: Benchmark price increase 26.2% from Mar 2017 to $693,500.
Average Days on Market
  • Detached House: Mar 2018, 40 days. Mar 2017, 39 days. Mar 2016, 26 days.
  • Townhouse:  Mar 2018, 22 days. Mar 2017, 27 days. Mar 2016, 19 days.
  • Apartment:  Mar 2018, 18 days. Mar 2017, 22 days. Mar 2016, 27 days.
Download the complete stats package here.

Karen Tsao
Cell:604-422-0855
Office:604-602-1111
RE/MAX Crest Westside (vanw7)
1428 West 7th Avenue
Vancouver, BC
V6H 1C1 CA