Fewer listings, strong demand helps Vancouver-area real estate rally
A real estate sold sign is shown outside a house in Vancouver on Tuesday, Jan.3, 2017. (Jonathan Hayward / THE CANADIAN PRESS)
The Canadian Press
Published Tuesday, April 4, 2017 2:45PM PDT
VANCOUVER - Home sales in Metro Vancouver are bouncing back after a dismal February, but the Real Estate Board of Greater Vancouver says transactions are still almost 31 per cent below the March 2016 record.
The board says a shortage of property listings and strong demand, especially for condos and townhomes, propelled the market in March.
Board president Jill Oudil says sellers still seem reluctant to put their homes on the market, creating stiff competition for homebuyers.
The numbers of new listings haven't been this low since March 2009.
Oudil says the competition also means home prices are likely to continue to increase until we see more housing supply coming on the market.
The composite benchmark price in March for all residential properties in Metro Vancouver is over $919,000, a 1.4 per cent increase compared with February.