The number of homes bought and sold during March in Metro Vancouver is down from last year, but the spring market is still seeing steady demand from buyers.

According to the latest information released by the Real Estate Board of Greater Vancouver (REBGV), sales numbers are down from March 2021’s record levels. However, the market “remained elevated in March,” and showed growth in transactions compared to the previous month.

“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago,” said Daniel John, REBGV’s chair, in a press release. “Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.”

Here’s what we know from REBGV on March’s market performance.

Homes sales down from 2021, but up month-to-month

Last month, a total of 4,344 home sales were made in Metro Vancouver. This is a 23.9% drop from the 5,708 transactions that took place during March 2021, but marks a 26.9% increase from February, when 3,424 properties traded hands.

In March, sales were 25.5% above the 10-year sales average for the month.

By property type, apartments accounted for the majority of homes sold with 2,310 transactions, down 14.3% compared to March 2021’s 2,697 sales. Last month, 1,291 detached homes were sold and 743 attached properties were purchased, a yearly decrease of 34.3% and 29%.

Over 1,200 new homes added to Vancouver market

Compared to 2021, the number of new homes hitting the market were down in March, but did show some improvement from February.

Between detached, attached and apartment property types, 6,673 listings were added to Metro Vancouver’s MLS last month. This is down 19.5% from March 2021, when 8,287 new listings hit the market, but is up 22% from February, when there were 5,471 newly-listed properties.

There are currently 7,628 total homes listed for sale on the Metro Vancouver MLS, down 16.6% year-over-year when there were 9,145 homes available. However, there are currently more homes on the market now compared to last month when there were 6,742 total February listings, up 13.1% month-to-month.

For all property types, the sales-to-active listings ratio for March 2022 is 56.9%.

Benchmark home price up 20% from March 2021

A shortage of new homes is keeping the pressure on home prices in the Vancouver region.

As of March, the MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,360,500, up 20.7% from March 2021 and a slight 3.6% rise from February.

“We’re still seeing upward pressure on prices across all housing categories in the region. Lack of supply is driving this pressure,” said John in the release. “The number of homes listed for sale on our MLS system today is less than half of what’s needed to shift the market into balanced territory.”

The benchmark price for an attached home grew the most last month, rising 28.1% from last year and 4.4% from the previous month to $1,138,300. Detached homes, now valued at $2,118,600, are up 23.4% from March 2021 and have increased 3.6% from February. Apartment homes recorded the least amount of price growth in March, surging 16.8% year-over-year and 3.4% monthly to a benchmark of $835,500.

REBGV : Vancouver Home Sales Calmer Compared to 2021, but Activity Still “Elevated” in March by Michelle McNally | BIV