VANCOUVER WEST MARCH HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports the regions lowest first quarter sales total in five years as mortgage stress tests, increased interest rates, new taxes and elevated prices lower demand. However low inventory due to fewer homes listed for sale maintains upward pressure on value. Last month total residential sales decline 29.7 percent compared to March 2017. Although total inventory of listed properties is up 10.5 percent year to year new listings are 6.6 percent lower. The composite value of all Metro Vancouver properties increases 16.1 percent March 2018 over March 2017.
The graph shows the average price of Metro Vancouver detached properties falling 7.4 percent from February to March. Coincidentally the benchmark price for detached houses last month compared to March 2017 is up 7.4 percent. The volume of house sales is down significantly year to year by 37 percent.
Last month versus March 2017 Vancouver west detached prices 0.4 percent lower. Year to year west side house sales continue free falling by 44.2 percent. March to March inventory increases 17.9 percent.
February to March this year sales of west side houses are at par. Month to month detached inventory declines 7.3 percent.