REBGV March 2022 Market welcomes activity much calmer than last spring’s record breaking pace, and the demand from Metro Vancouver home buyers remains high. 

The Real Estate Board of Greater Vancouver or REBGV March 2022 Market Update reports that residential home sales in the region totalled 4,344 in March 2022, a 23.9% decrease from the 5,708 sales recorded in March 2021, and a 26.9% increase from the 3,424 homes sold in the February Market. 

“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago, …Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.”

– Daniel John, REBGV Chair

There were 6,673 residential properties newly listed for sale in Metro Vancouver in March 2022. This represents a 19.5% decrease compared to March of 2021 and a 22% increase compared to February 2022.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,628, a 16.6% decrease compared to March 2021 (9,145) and a 13.1% increase compared to February 2022 (6,742). 

“We’re still seeing upward pressure on prices across all housing categories in the region. Lack of supply is driving this pressure,” John said. “The number of homes listed for sale on our MLS® system today is less than half of what’s needed to shift the market into balanced territory.” 

For all property types, the sales-to-active listings ratio for March 2022 is 56.9%. For a further breakdown, the ratio is 38.8% for detached homes, 73.3% for townhomes, and 70.3% for apartments. 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months. 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,360,500. This represents a 20.7% increase over March 2021 and a 3.6% increase compared to February 2022. 

Sales of detached homes in March 2022 reached 1,291, a 34.3% decrease from the 1,965 detached sales recorded in March 2021. The benchmark price for a detached home is $2,118,600. This represents a 23.4% increase from March 2021 and a 3.6% increase compared to February 2022. 

Sales of apartment homes reached 2,310 in March 2022, a 14.3% decrease compared to the 2,697 sales in March 2021. The benchmark price of an apartment home is $835,500. This represents a 16.8% increase from March 2021 and a 3.4% increase compared to February 2022. 

Attached home sales in March 2022 totalled 743, a 29% decrease compared to the 1,046 sales in March 2021. The benchmark price of an attached home is $1,138,300. This represents a 4.4% increase from March 2021 and a 28.1% increase compared to February 2022.

CLICK HERE – Full REBGV March 2022 Market Update

Vancouver BC – April 4, 2022

Have a look at the REBGV March 2022 Market Update Insights!

• DOWNLOAD the REBGV March 2022 Market Update CLICK HERE
• See the Monthly Market Stats CLICK HERE
• For more market information from the Real Estate Board of Greater Vancouver CLICK HERE
• To view Geoff Jarman’s Listings CLICK HERE