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In March number of sold properties continued growing


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Shared on April 3rd, 2019

VANCOUVER, BC – April 2, 2019.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 1,727 in March 2019, a 31.4 per cent decrease from the 2,517 sales recorded in
March 2018, and a 16.4 per cent increase from the 1,484 homes sold in February 2019.
Last month’s sales were 46.3 per cent below the 10-year March sales average and was the lowest
total for the month since 1986.
“Housing demand today isn’t aligning with our growing economy and low unemployment rates.
The market trends we’re seeing are largely policy induced,” Ashley Smith, REBGV president
said. “For three years, governments at all levels have imposed new taxes and borrowing
requirements on to the housing market.”
“What policymakers are failing to recognize is that demand-side measures don’t eliminate
demand, they sideline potential home buyers in the short term. That demand is ultimately
satisfied down the line because shelter needs don’t go away. Using public policy to delay local
demand in the housing market just feeds disruptive cycles that have been so well-documented in
our region.”
There were 4,949 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in March 2019. This represents an 11.2
per cent increase compared to the 4,450 homes listed in March 2018 and a 27.2 per cent increase
compared to February 2019 when 3,892 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
12,774, a 52.4 per cent increase compared to March 2018 (8,380) and a 10.2 per cent increase
compared to February 2019 (11,590).
For all property types, the sales-to-active listings ratio for March 2019 is 13.5 per cent. By
property type, the ratio is 9.4 per cent for detached homes, 15.9 per cent for townhomes, and
17.2 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12
per cent for a sustained period, while home prices often experience upward pressure when it
surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,011,200. This represents a 7.7 per cent decrease from March 2018,
and a 0.5 per cent decrease compared to February 2019.
Sales of detached homes in March 2019 reached 529, a 26.7 per cent decrease from the 722 sales
in March 2018. The benchmark price for a detached home is $1,437,100. This represents a 10.5
per cent decrease from March 2018, and a 0.4 per cent decrease compared to February 2019.
Sales of apartment homes reached 873 in March 2019, a 35.3 per cent decrease compared to the
1,349 sales in March 2018. The benchmark price of an apartment property is $656,900. This
represents a 5.9 per cent decrease from March 2018, and a 0.5 per cent decrease compared to
February 2019.
Attached home sales in March 2019 totalled 325, a 27.1 per cent decrease compared to the 446
sales in March 2018. The benchmark price of an attached home is $783,600. This represents a
six per cent decrease from March 2018, and a 0.7 per cent decrease compared to February 2019.
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*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple
Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta,
Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
The real estate industry is a key economic driver in British Columbia. In 2018, 24,619 homes changed ownership in
the Board’s area, generating $1.7 billion in economic spin-off activity and an estimated 11,720 jobs. The total dollar
value of residential sales transacted through the MLS® system in Greater Vancouver totalled $26 billion in 2018.
The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and
their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For
more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit
www.rebgv.org

REBGV-Stats-Pkg-March-2019



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