The Real Estate Board of Greater Vancouver says home sales fell 42.5 per cent in March from a year ago and were 28.4 per cent 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 B.C. 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 per cent decrease from March 2022 and 22.3 per cent 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 per cent decrease from March 2022 and a 1.8 per cent 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 one to two per cent 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.”
This report by The Canadian Press was first published April 4, 2023.
The Canadian Press