For the month of March

Vancouver Real Estate Market Update

March continued its steady pace from the previous month. There were no real significant changes in any of the areas of Greater Vancouver real estate market. Sales were 4.4% higher in volume March over February. Interest rates remain low with a 5 year closed at 2.89% and a variable rate at 2.50%.

The following summarizes Vancouver’s market by area:

There continues to be steady activity in the 1.5 to 2.5 million dollar price range. There was a slight drop in sales volume in the 3 million to 5 million price range. The drop was only minimal and does not reflect any negative signal with respect to the changes to the Chinese immigration policy. The overall absorption rate is 18% which stipulates a strong and active West Side housing market.

There was an increase in both the number of listings and sales for the month of March. The number of sales increased from 371 in February to 421 in March.  Overall activity is very good right up to the 700 thousand price point. The busiest sector was the 400 thousand to 500 thousand price range.  Sales volume slows from 750 thousand to 985 thousand and then picks up again from the 1 million to 1.5 million range (refer to chart below).  The overall absorption rate is 21% but correct pricing remains critical in the West Side attached market.

This remains the hottest sector of the Vancouver market. The 1 to 1.5 million dollar range is the most active with lots of demand. There continues to be multiple offers in the Main, Mount Pleasant and Grandview areas. If the listing features renovated character with a basement suite there is a very good chance of receiving more than three offers after the first OPEN HOUSE. The current absorption rate is 35%.

This market remains unchanged from last month. Activity is strong in the condo market right up to the 500 thousand dollar price point. The duplex and triplex townhouses continue to see lots of activity as well. The absorption rate is 30%

 

Vancouver Listings and Sales Charts: