No respite for property sales in Vancouver area’s scalding housing market

March torrid for home sales from Delta to Whistler, Vancouver to Maple Ridge

No respite for property sales in Vancouver area's scalding housing market

Vancouver’s blistering housing market continued to stun purchasers and elate sellers in March with record-breaking figures released from the Real Estate Board of Greater Vancouver.

Numbers released Monday by the board showed 5,173 residential properties were sold last month, a hike of 24 per cent over February, and 56 per cent above the 10-year sales average.

“March was the highest selling month the (board) has ever recorded,” said president Dan Morrison in a news release.

He said activity touched every neighbourhood in the region, which covers an area from South Delta north to Whistler and from Vancouver east to Maple Ridge.

Homes in Delta, Surrey or Langley are not included in the board’s tally.

A release from the board also showed new listings for all types of properties, from apartments to detached homes, continue to climb compared with last month and March of 2015.

The composite benchmark price for all residential properties across Metro Vancouver is $815,000, a 23.2 per cent hike in one year.

The average price for detached properties soared to above $1.34 million in the same period, a leap of 27.4 per cent.

“Strong job and economic growth in our province, positive net migration and low interest rates are helping to drive this activity,” Morrison said.

The Canadian Press

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