March Marks Improvement in Metro Vancouver

Vancouver, BC

Strong demand for condos and townhouses along with a shorter supply of residential properties has led to continued demand in the Metro Vancouver area. According to a report published by the Real Estate Board of Greater Vancouver earlier this month, while residential property sales in March 2017 decreased 30.8% from a record-setting month a year prior, the 5,173 recorded sales represent a 47.6% increase over February. Despite not reaching the same heights as last year, demand in the first few months of 2017 remains strong. Last month’s sales were also 7.9% above the ten-year sales average for the month. Lastly, sales of attached properties in March reached 588 units, a decrease of 25.2% year-over-year. The benchmark price currently sits at $685,100, a 1.4% increase month-over-month.