VANCOUVER WEST MARCH TOWNHOME MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports that this spring there is less market activity than last. But with modest month to month price gains, also assesses the market balance as moving in favour of Sellers, albeit slowly. Even while Buyers are increasingly presented with more choice, price gains are slow due to interest rate headwinds that limit borrowing power and they may not get much relief even with a reduction from the Bank of Canada. Last month recorded 23 percent more new listings than March 2023. Total inventory is up 22.5 percent. Residential sales are 4.7 percent lower March to March. The composite value of all properties is 4.5 percent higher year to year.
From February to March the graph shows a 1.3 percent increase in prices for attached units in Metro Vancouver. Last month compared to March 2023, the benchmark townhouse price is up 5 percent. Year to year townhouse sales volume is better by 6.2 percent.
Vancouver west townhouse prices are 4.2 percent higher from March to March. Attached unit sales tumble 34.9 percent year to year. Townhome inventory is up 35 percent this March versus last March.
From February to March west side attached sales grow 26.1 percent. Month to month, Vancouver west attached inventory sees an increase of 13.4 percent.