The Real Estate Board of Greater Vancouver says home sales fell 42.5% in March from a year ago and were 28.4% below the 10-year seasonal average.
Last month’s sales totalled 2,535 compared with 4,405 sales in March 2022 and 1,808 in February.

The BC board says the numbers signal that March home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.

It also found there were 4,317 new listings, a 35.5% decrease from March 2022 and 22.3% below the 10-year seasonal average.

The board says the composite benchmark price for all residential properties in Metro Vancouver reached $1,143,900, a 9.5% decrease from March 2022 and a 1.8% increase compared with February.

The board foresees further price increases as the year progresses.

“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about 1% to 2% across all product types,” Andrew Lis, the board’s director of economics and data analytics said in a press release.

“The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favourable market conditions.”

BC Board : Vancouver’s March Home Sales Down 42.5% from A Year Ago by The Canadian Press | BIV