March was a strong month for Vancouver real estate, and the condo segment was no exception. According to the latest numbers from the Real Estate Board of Greater Vancouver (REBGV), demand for condos is picking up. This has lead to higher prices, even though sales, and listings have declined.
Prices Increased 16%
The benchmark price of condos rose for the third month in a row. The REBGV had an average benchmark price of $537,400, a 16% increase from the same time last year. All regions saw increases, with the average price rising 1.4% from last month. So prices across the Greater Vancouver Region (GVR) are heating up.
Vancouver Condo Prices
Source: REBGV.
Sales Declined Over 12%
Despite the rising prices, sales are down from the same time last year. There were 1,841 condo sales in the GVR, a decline of 12.61% from last year. Overall, this year’s sales are down 23.3% year to date when compared to the same period last year. The average for the month is a little better than the year to date, which could be a sign of, uh… market cooling not really cooling.
Vancouver Condo Sales Vs. Listings
Source: REBGV.
Listings Declined 13%
The number of listings also saw a significant decline. There were 2,110 condo sales logged through the REBGV, a 13% decline from the same time last year. The largest drop in listings was in Vancouver West, where only 531 condos hit the market. This was a drop of 22% from the same time last year.
Since both sales and listings declined at almost the same rate, absorption is pretty much the same as last year. This means relative demand for Vancouver condos is where it was before the foreign buyer tax. Not a huge surprise that prices moved up consequently, as Vancouverites try to snatch up the last properties local incomes can afford. Although 16% is a steep climb…
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