Vancouver’s March home sales down 42.5% from a year ago: B.C. board

The Real Estate Board of Greater Vancouver says home sales fell 42.5 per cent in March from a year ago and were 28.4 per cent below the 10-year seasonal average.

Last month’s sales totalled 2,535 compared with 4,405 sales in March 2022 and 1,808 in February.

The Metro board says the numbers signal that March home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.

It also found there were 4,317 new listings, a 35.5 per cent drop from March 2022 and 22.3 per cent below the 10-year seasonal average. With that lack of houses for sales, the board is predicting price increases.

The board says the composite benchmark price for all residential properties in Metro Vancouver reached $1,143,900, a 9.5 per cent drop from March 2022, but a 1.8 per cent increase compared with February.