A month after the number of homes sold in Metro Vancouver reached the highest level ever recorded in the month of February, sales reached a new record for March, with a 5,173 units changing hands.
This is a 27.4% increase compared with the 4,060 sales in March 2015, and it is 24% higher than the 4,172 homes sold in February. The benchmark sales price reached $815,000, which represents a year-over-year increase of 23.2%.
“Today’s demand is broad-based,” said REBGV president Dan Morrison. “Home buyers are active in neighbourhoods across our region.
“Strong job and economic growth in our province, positive net migration and low interest rates are helping to drive this activity.”
The benchmark price for detached properties jumped 27.4% over the past year to $1,342,500. In total, 2,135 units of this type sold in the month, which is an increase of 24.8% year-over-year.
The benchmark price for apartments grew 18.8% in the 12 months to March, to $462,800. A total of 2,252 homes of this type changed hands in the month – up 38.4%.
For attached properties, the benchmark price grew 20.1% to $589,100. The number of units sold increased 8.9% to 786.
REBGV data includes sales in Vancouver, North Vancouver, West Vancouver, Burnaby, Coquitlam, New Westminster, Richmond, Port Moody, Port Coquitlam, Pitt Meadows, Maple Ridge, South Delta, Whistler, Squamish and the Sunshine Coast.
It does not include Surrey or Langley.
@EmmaHampelBIV
