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Metro Vancouver home sales up significantly over last year
The number of homes sold in Metro Vancouver this March was much higher than the 10-year average for the month, and in the Fraser Valley, sales are the highest they’ve been in nine years.
Patrick Melanson has seen the boom firsthand. The Fort Langley resident recently sold his home. He’s also a real estate agent.
“When I first put it on the market, it was a little slow, but then it picked up,” Melanson said of his selling experience.
He told CTV News he’s not surprised that there were more sales in March than February -- spring is always a good season for the market -- but he is surprised by the year-over-year increase.
There were 4,060 homes sold in Metro Vancouver in March, according to the Real Estate Board of Greater Vancouver. That’s a 53.7 per cent increase compared to last year’s numbers.
Similarly, the Fraser Valley Real Estate Board recorded 1,857 homes sold this March, 47 per cent more than it recorded in March 2014.
Jorda Maisey, president of the Fraser Valley board, told CTV News there are three factors contributing to the increase in sales.
First, there’s a lot of confidence in the market in the valley, she said. Second, the local economy is in good shape. And third, interest rates have remained stable and low.
The increase in sales has led to an increase in prices. The benchmark cost of a detached home in the valley is up 4.5 per cent compared to last March. In Metro Vancouver, the benchmark price of the same type of home has jumped 11 per cent.
Sales of attached properties in Metro Vancouver jumped more than any other property category -- increasing 72 per cent compared to last year.
It’s a market that’s great for sellers. For buyers? Not as much.
“Like any market, it's up and down,” Melanson said. “I think people are just happy if they get somewhere they like.”
That’s the next step for him now that his home has sold.