Greater Vancouver home sales cool down, dipping nearly 24 percent from record month

The housing market in Greater Vancouver has simmered down.

Home sales in March 2022 dropped 23.9 percent compared to the same period last year.

It must be recalled that realtors in Greater Vancouver sold the most number of homes in a month’s time in March 2021, setting a new record.

In March last year, a total of 5,708 sales were made.

Last month, the number went down to 4,344.

Still, March 2022 registered a 26.9 percent monthly increase from the 3,424 homes sold in February this year.

The Greater Vancouver market covers Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

Other nearby markets like Surrey and North Delta are covered by the real estate board of the Fraser Valley.

In a report Monday (April 4), the Greater Vancouver real estate board stated that the benchmark price of all residential properties in the region rose in March 2022 to $1,360,500.

This price represents a 20.7 percent increase over March 2021, as well as a 3.6 percent increase compared to February 2022.

Sellers remain firmly on the driver’s seat.

The real estate board reported that sales-to-active listings ratio for March 2022 is 56.9 percent.

A balanced market has a sales-to-listings ratio of 12 percent to 20 percent.

.

Leave a Comment