A condo building is seen under construction surrounded by houses as condo towers are seen in the distance in Vancouver, B.C., on Friday March 30, 2018. THE CANADIAN PRESS/Darryl Dyck

A condo building is seen under construction surrounded by houses as condo towers are seen in the distance in Vancouver, B.C., on Friday March 30, 2018. THE CANADIAN PRESS/Darryl Dyck

Double-digit price growth as Metro Vancouver sets all-time real estate sales record

Residential home sales totaled 5,708 in March, up by more than 53% from February and 126% from March 2020

Home sales and new listings set all-time records across Metro Vancouver last month, reports the Real Estate Board of Greater Vancouver.

Residential home sales totaled 5,708 in March, up by more than 53 per cent from February and 126 per cent from March 2020, the board said Friday.

That’s the highest-ever monthly sales total recorded in the region stretching from B.C.’s Lower Mainland to Whistler and the Sunshine Coast, it said.

Sales were up more than 72 per cent above the 10-year March average.

Board Chair Taylor Biggar said the surge has pushed price gains into the double digits for single-family homes and townhomes over the last year.

New listings also hit a record last month, he said in a statement, but the overall inventory of homes for sale decreased compared with last year since demand is preventing that supply from accumulating in the market.

“Today’s activity can be attributed, in part, to an economy that’s showing signs of recovery, historically low interest rates, high demand for space, and increased household savings.”

Demand was most pronounced in rural and suburban areas, with the largest increase reported in Delta at 195.8 per cent.

Whistler and Squamish followed with 194.7 and 188.6 per cent increases, respectively, in home sales over last year.

The MLS home price index composite benchmark price for all residential properties in Metro Vancouver hit $1,123,300 in March, a 3.6 per cent increase from February and a 9.4 per cent increase from last March.

The benchmark price for a detached home was $1,700,200, up nearly 18 per cent from last year, while the benchmark price of an attached home was just over $872,000, up 10.4 per cent from March 2020.

The benchmark price for an apartment was close to $716,000, a 3.7 per cent increase from last year.

Prices increased increased across the region, but they vary by community.

The benchmark price for a single-family detached home across communities in the Lower Mainland was $1,508,000, while on the Sunshine Coast the benchmark price drops to $765,000, the board’s latest data show.

Benchmarks represent a typical property in each market, the board notes.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

B.C. Finance Minister Selina Robinson outlines the province’s three-year budget in Victoria, April 20, 2021. (B.C. government video)
B.C. deficit to grow by $19 billion for COVID-19 recovery spending

Pandemic-year deficit $5 billion lower than forecast

COVID-19. (Image courtesy CDC)
Two new Maple Ridge schools have COVID-19 exposures

Alouette elementary and Maple Ridge secondary visited by virus

Ridge Meadows RCMP Const. Britteny George and Westview students turned old tires into pet beds. (Special to The News)
Maple Ridge students help turn old tires into pet beds

Westview art classes and RCMP constable take on project

Maple Ridge-Pitt Meadows Conservative MP Marc Dalton and former MP and Liberal candidate Dan Ruimy.
Dalton slams budget, Ruimy defends Liberal spending

Neither politician sees federal budget triggering an election

FILE – NDP Leader John Horgan, right, and local candidate Mike Farnworth greet one another with an elbow bump during a campaign stop in Coquitlam, B.C., on Friday, September 25, 2020. THE CANADIAN PRESS/Darryl Dyck
B.C. won’t be using random individual road stops to enforce travel rules: Safety Minister

Minister Mike Farnworth says travel checks only being considered at major highway junctions, ferry ports

A man pauses at a coffin after carrying it during a memorial march to remember victims of overdose deaths in Vancouver. THE CANADIAN PRESS/Darryl Dyck
B.C. announces historic half-billion-dollar funding for overdose crisis, mental health

Of it, $152 million will be used to address the opioid crisis and see the creation of 195 new substance use treatment beds

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Children’s backpacks and shoes are seen at a CEFA (Core Education and Fine Arts) Early Learning daycare franchise, in Langley, B.C., on Tuesday May 29, 2018. THE CANADIAN PRESS/Darryl Dyck
B.C. budget to expand $10-a-day child care, but misses the mark on ‘truly universal’ system

$111 million will be used to fund 3,750 new $10-a-day spaces though 75 additional ChildCareBC universal prototype sites over the next three years.

John Wekking, Merritt Road Report - Facebook
 Coquihalla Road Report
Wildfire sparks off Coquihalla in Merritt

The wildfire is located near the Dollarama off of Highway 5

Mak Parhar speaks at an anti-mask rally outside the Vancouver Art Gallery on Sunday, Nov. 1, 2020. Parhar was arrested on Nov. 2 and charged with allegedly violating the Quarantine Act after returning from a Flat Earth conference held in Geenville, South Carolina on Oct. 24. (Flat Earth Focker/YouTube.com screenshot)
Judge tosses lawsuit of B.C. COVID-denier who broke quarantine after Flat Earth conference

Mak Parhar accused gov, police of trespass, malfeasance, extortion, terrorism, kidnapping and fraud

Ambulance paramedic in full protective gear works outside Lion’s Gate Hospital, March 23, 2020. Hospitals are seeing record numbers of COVID-19 patients more than a year into the pandemic. (The Canadian Press)
B.C.’s COVID-19 infection rate declines, 849 cases Tuesday

Up to 456 people now in hospital, 148 in intensive care

Most Read