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"The hardest thing to see is what is in front of your eyes." - Johann Wolfgang von Goethe

 

This is the Sales and Listings Report updated to the end of March 2016. For the first time in the history of the Greater Vancouver Board, there were over 5,000 homes sold in a month. March finished with 5,301 homes sold for the month – up 28% over March of last year. The same story continues with the number of listings on market being well below where they need to be. The month finished with 8,118 active listings, down 35% compared to the same time last year. So while the number of new listings were up in Greater Vancouver in March this year compared to March 2015, it was only up by 5%. In some areas, this trend was the opposite. Vancouver’s Westside and Eastside, North Vancouver and Burnaby South all saw less new listings in March 2016 compared to March 2015. Most areas are sitting with one month’s supply of listings. With the scale of demand currently in the market, that is causing extreme pressure on pricing – multiple offers are an occurrence more common than not.

 

All segments of the market are faced with this pressure of limited supply. The townhouse/half duplex market is seeing the tightest supply in the market. In North Vancouver there were 61 sales in March while there are only 36 units on the market – meaning without any new listings there would be no product available after half a month of sales! This segment of the market is showing a clear sign of needed supply and something that should be a focus on the development side. The condo market, while seemingly well stocked with many cranes above us building away, is sitting with 1 month’s supply in most areas. It would appear the strata market has taken over as the most active part of the market and with the most limited supply.

 

“March was the highest selling month the Real Estate Board of Greater Vancouver has ever recorded,” Dan Morrison, REBGV president said. “Today’s demand is broad based. Home buyers are active in neighbourhoods across our region.”

 

“Strong job and economic growth in our province, positive net migration and low interest rates are helping to drive this activity,” Morrison said.

 

Sales and Listings Stats Houses Townhouses Condos March 2016

 

Sales and Listings Stats All Regional March 2016

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in March 2016 was 5,301 – up from 4,132 (28%) in March 2015, up from 2,697 (97%) in March 2014; Active Listings are at 8,118 compared to 13,391 at this time last year; New Listings in February 2016 were up 5% compared to March 2015; Month’s Supply of Total Residential Listings remains at 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 82% compared to 67% in March 2015.

 

Vancouver Westside Residential: Total Units Sold in March 2016 was 1,001 – up from 825 (21%) in March 2015, up from 571 (75%) in March 2014; Active Listings are at 1,304 compared to 2,402 at this time last year; New Listings in February 2016 were down 9% compared to March 2015; Month’s Supply of Total Residential Listings has dropped to 1 Month (Extreme Seller’s Market) and a Sales to Listings Ratio of 92% compared to 69% in March 2015.

 

Vancouver Eastside Residential: Total Units Sold in March 2016 was 476 – up from 464 (3%) from March 2015, up from 336 (42%) in March 2014; Active Listings are at 610 compared to 925 at this time last year; New Listings in February 2016 were down 8% compared to March 2015; Month’s Supply of Total Residential Listings dropped to 1 Month (Extreme Seller’s Market) and a Sales to Listings Ratio of 82% compared to 74% in March 2015.

 

North Vancouver Residential:  Total Units Sold in March 2016 was 407 – up from 399 (2%) from March 2015, up from 233 (75%) in March 2014; Active Listings are at 358 compared to 803 at this time last year; New Listings in February 2016 were down 15% compared to March 2015; Month’s Supply of Total Residential Listings remains at 1 Month (Extreme Seller’s Market) and a Sales to Listings Ratio of 92% compared to 77% in March 2015.

 

West Vancouver Houses: Total Units Sold in March 2016 was 179 – up from 135 (33%) from March 2015, up from 78 (129%) in March 2014; Active Listings are at 409 compared to 633 at this time last year; New Listings in February 2016 were up 8% compared to March 2015; Month’s Supply of Total Residential Listings dropped to 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 73% compared to 59% in March 2015.

 

Richmond Residential: Total Units Sold in March 2016 was 663 – up from 553 (20%) from March 2015, up from 374 (77%) in March 2014; Active Listings are at 1,213 compared to 1,871 at this time last year; New Listings in February 2016 were up 22% compared to March 2015; Month’s Supply of Total Residential Listings remains at 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 71% compared to 72% in March 2015.

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