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Home sale and listing activity continue to chart a steady path for the region's housing market


VANCOUVER, B.C. - April 2, 2014 - March home sales in Greater Vancouver outpaced last
year's total yet lagged the region's historical average for the month.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 2,641 on the Multiple Listing Service® (MLS®) in March 2014.
This represents a 12.5 per cent increase compared to the 2,347 sales recorded in March 2013, and
a 4.4 per cent increase compared to the 2,530 sales in February 2014.

 

Last month's sales were 17.2 per cent below the 10-year sales average for March of 3,190.

 

The sales-to-active-listings ratio currently sits at 18.2 per cent in Greater Vancouver, which is
unchanged from last month.

 

"We continue to see steady and stable market conditions across the Greater Vancouver housing
market," said Ray Harris, REBGV president. "There has been a consistent balance between
home seller supply and home buyer demand in our marketplace over the last year."

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,281
in March. This represents a 9.1 per cent increase compared to the 4,839 new listings in March
2013 and a 12.4 per cent increase from the 4,700 new listings in February. Last month's new
listing count was 5.9 per cent below the region's 10-year new listing average for the month.

 

The total number of properties currently listed for sale on the Greater Vancouver MLS® is
14,472, a 6.4 per cent decline compared to March 2013 and a 7.9 per cent increase compared to
February 2014.

 

"Home prices in the region have experienced incremental gains in most areas and property types
over the last 12 months," Harris said. "It's important to remember that this is a diverse
marketplace and trends will vary depending on area and property type."

 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $615,200. This represents a 3.7 per cent increase compared to March
2013.

 

Sales of detached properties in March 2014 reached 1,116, an increase of 19.6 per cent from the
933 detached sales recorded in March 2013, and a 5.7 per cent decrease from the 1,183 units sold
in March 2012. The benchmark price for detached properties increased 4.2 per cent from March
2013 to $945,400.

 

Sales of apartment properties reached 1,106 in March 2014, an increase of 12.6 per cent
compared to the 982 sales in March 2013, and a 7.1 per cent decline compared to the 1,191 sales
in March 2012. The benchmark price of an apartment property increased 3.8 per cent from
March 2013 to $375,800.

 

Attached property sales in March 2014 totalled 419, a 3 per cent decline compared to the 432
sales in March 2013, and a 16.2 per cent decline from the 500 attached properties sold in March
2012. The benchmark price of an attached unit increased 1.3 per cent between March 2013 and
2014 to $460,100.

 

 

 

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