March 2018 Market Update
Dan Wurtele
Living in Vancouver for the past 26 years it has been exciting to watch it grow into one of the most desirable cities in the world...
Living in Vancouver for the past 26 years it has been exciting to watch it grow into one of the most desirable cities in the world...
March Real Estate sales were down almost 30% compared to March 2017 caused largely in part by the record low inventory.
Prices on the other hand continue to rise as buyers fight for the few homes that are available.
Both buyers & sellers are being affected by the high prices, new tax announcements, rising interest rates, and stricter mortgage requirements resulting in many being either pushed out of the market, or adopting a 'wait and see' mentality.
Breaking It Down By Housing Type
DETACHED HOMES
Sales of detached properties in March 2018 reached 734, a 36.6% decrease from March 2017. The benchmark price for detached properties is $1,608,500. This represents an 7.4% increase from March 2017.
TOWNHOMES
Sales of Townhomes in March 2018 reached 395, a 22.5% decrease from March 2017. The benchmark price for detached properties is $835,300. This represents an 17.7% increase from March 2017.
CONDOS
Sales of condos in March 2018 reached 1,356, a 26.3% decrease from March 2017. The benchmark price for detached properties is $693,500. This represents an 26.2% increase from March 2017.
