Metro Vancouver home sales were at the lowest levels seen in March in more than 3 decades.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales totalled 1,727 in March 2019, a year over year decrease of 31.4%.
Last month’s sales were 46.3% below the 10-year March sales average, the lowest total for the month since 1986.
"Housing demand today isn’t aligning with our growing economy and low unemployment rates. The market trends we’re seeing are largely policy induced," Ashley Smith, REBGV president said. "For three years, governments at all levels have imposed new taxes and borrowing requirements on to the housing market."
"What policymakers are failing to recognize is that demand-side measures don’t eliminate demand, they sideline potential home buyers in the short term. That demand is ultimately satisfied down the line because shelter needs don’t go away. Using public policy to delay local demand in the housing market just feeds disruptive cycles that have been so well-documented in our region."
Single family home sales in March 2019 reached 529, a 26.7% year over year decrease decrease. The benchmark price for a detached home is $1,437,100. This represents a 10.5% year over year decrease, and a 0.4% decrease compared to February 2019.
Apartment home sales reached 873 in March 2019, a 35.3% year over year decrease decrease. The benchmark price of an apartment property is $656,900. This represents a 5.9% year over year decrease, and a 0.5% decrease compared to February 2019.
Attached home sales in March 2019 totalled 325, a 27.1% year over year decrease. The benchmark price of an attached home is $783,600. This represents a 6% year over year decrease, and a 0.7% decrease compared to February 2019.