With what is typically Vancouver’s busiest time of year and the first quarter of 2018 being over, we have been seeing similar trends in the real estate market. With higher prices, new taxes being announced by the BC government, rising interest rates and stricter mortgage requirements, in the first quarter there has been less demand when it comes to buyers and fewer properties being listed in Vancouver.
Even though it’s been a less active quarter, there have still been some increases compared to previous months. In March 2018, there was a 14% increase in home sales compared to last month. The benchmark price in Metro Vancouver for all property types is currently $1,084,000 which is a 16% increase compared to March 2017, and a 1% increase compared to February 2018.
The Sales to Active ratio for all property types for March 2018 is currently sitting at 30%. Detached homes are currently seeing a ratio of 14.2%, townhomes are sitting at 39.9%, and a ratio of 61.6% for condominiums.
Ready to jump into the market? Whether you are looking to buy, sell, or learn more about the market changes, reach out to our team today! We’ll help you make the right move!