April 4, 2017 4:13 pm

Strong demand helps Vancouver real estate rebound


VANCOUVER – Home sales in Metro Vancouver are bouncing back after a dismal February, but the Real Estate Board of Greater Vancouver says transactions are still almost 31 per cent below the March 2016 record.

The board says a shortage of property listings and strong demand, especially for condos and townhomes, propelled the market in March.

Global News
Help us improve Globalnews.ca
Story continues below

READ MORE: City of Vancouver looks to ‘reset’ housing strategy to better address affordability crunch

Board president Jill Oudil says sellers still seem reluctant to put their homes on the market, creating stiff competition for homebuyers.

The numbers of new listings haven’t been this low since March 2009.

READ MORE: Homeowner hopefuls find future in Powell River

Oudil says the competition also means home prices are likely to continue to increase until we see more housing supply coming on the market.

The composite benchmark price in March for all residential properties in Metro Vancouver is over $919,000, a 1.4 per cent increase compared with February.

Report an error


Want to discuss? Please read our Commenting Policy first.