Vancouver Market Calls For A Rebound Even With Low Supply

In the month of March, following a week of the previous month, the sales of homes in the real estate market of Greater Vancouver made a comeback, nonetheless, the issue of supply is still an obstructive matter.

Even though reports from the Real Estate Board of Greater Vancouver showed that March sales were 3,579 which was less than 30 per cent the record-breaking sales of the previous year, it was up from February by 46 per cent and practically 8 per cent more than the decade average for the month.

President of the Real Estate Board of Greater Vancouver, Jull Oudil said; “While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes. Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”

From the year before, new listings decreased by 24.1 per cent and from February went down 29.9 per cent, at 4,762, which was the lowest figure for new listings since March of 2009.

Prices increased over the months by 1.4 per cent and went down unlike the six months before which was down by 0.8 per cent earlier, with the average price at $913,300.