{"id":1479,"date":"2016-04-04T16:20:29","date_gmt":"2016-04-04T23:20:29","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1479"},"modified":"2016-04-04T16:21:33","modified_gmt":"2016-04-04T23:21:33","slug":"march-home-sales-smash-through-record-in-greater-vancouver-as-bubble-fears-grow","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/04\/march-home-sales-smash-through-record-in-greater-vancouver-as-bubble-fears-grow\/","title":{"rendered":"March Home Sales Smash Through Record in Greater Vancouver as Bubble Fears Grow"},"content":{"rendered":"<p style=\"text-align: justify;\">Existing home sales in Greater Vancouver for March smashed through previous records, as West Coast prices contiunued to soar.<\/p>\n<p style=\"text-align: justify;\">It was the first time the Real Estate Board of Greater Vancouver has seen 5,000 sales for the month and comes as the market faces increasing focus from people worried about a bubble and the impact foreign buyers are having on property activity and values.<\/p>\n<p style=\"text-align: justify;\">\u201cMarch was the highest selling month the REBGV has ever recorded,\u201d Dan Morrison, president of the board, said in a statement Monday. \u201cToday\u2019s demand is broad-based. Home buyers are active in neighbourhoods across our region.\u201d<\/p>\n<p style=\"text-align: justify;\">The pace of sales is picking up. The board said the 5,173 sales in March climbed 24% from just February. But even on a year-over-year sales were up 27.4%. Last month\u2019s sales were 56% above the 10-year average for the month.<\/p>\n<p style=\"text-align: justify;\">The latest statistics come on the heels of a federal budget that expressed the need for more data to find out the impact of foreign buyers on the housing market. Ottawa has pledged $500,000 to Statistics Canada to study the issue which is generally seen as only being a concern in Toronto or Vancouver.<\/p>\n<p style=\"text-align: justify;\">For now, the supply of new listings seems to have no chance of keeping up with demand for housing in Canada\u2019s most expensive city.<\/p>\n<p style=\"text-align: justify;\">The board said new listings for detached, attached and apartment properties reached 6,278 in Metro Vancouver in March 2016, only a 5.2% increase from a year ago but an 8% jump from February.<\/p>\n<p style=\"text-align: justify;\">In total, there were 7,358 listings on the Multiple Listing System in March, a 40.5 drop from a year ago but an 0.8% increase from February, 2016.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/04\/untitled.png\" rel=\"attachment wp-att-1481\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-1481\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/04\/untitled-300x195.png\" alt=\"untitled\" width=\"498\" height=\"323\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">\u201cStrong job and economic growth in our province, positive net migration and low interest rates are helping to drive this activity,\u201d said Morrison.<\/p>\n<p style=\"text-align: justify;\">The impact on prices caused by the demand\/supply imbalance continues to be felt. The board\u2019s Home Price Index composite benchmark price for all residential properties in Metro Vancouver rose 23.2% from a year ago to $815,000. The average price of a detached home in Greater Vancouver is now $1.78 million.<\/p>\n<p style=\"text-align: justify;\">Vancouver\u2019s news comes on the heels of reports in Calgary last week that had realtors questioning when they\u2019ll actually see the bottom in the oilpatch. March prices were off 3.51% last month in Calgary, compared to a year ago, based on the board\u2019s index.<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/march-home-sales-smash-through-record-in-greater-vancouver-as-bubble-fears-grow\" target=\"_blank\">March Home Sales Smash Through Record in Greater Vancouver as Bubble Fears Grow<\/a> by Garry Marr | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Existing home sales in Greater Vancouver for March smashed through previous records, as West Coast prices contiunued to soar. It was the first time the Real Estate Board of Greater &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/march-home-sales-smash-through-record-in-greater-vancouver-as-bubble-fears-grow\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1479","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>March Home Sales Smash Through Record in Greater Vancouver as Bubble Fears Grow &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/march-home-sales-smash-through-record-in-greater-vancouver-as-bubble-fears-grow\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"March Home Sales Smash Through Record in Greater Vancouver as Bubble Fears Grow &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Existing home sales in Greater Vancouver for March smashed through previous records, as West Coast prices contiunued to soar. 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