Calmer than last spring’s record pace, Metro Vancouver home buyer demand remains elevated
March of 2021 was the highest selling month in our history. While down from last year’s record numbers, home sale activity in Metro Vancouver’s housing market remained elevated in March.
Residential home sales in the Metro Vancouver totalled 4,344 in March 2022, a 23.9 per cent decrease from the 5,708 sales recorded in March 2021, and a 26.9 per cent increase from the 3,424 homes sold in February 2022.
Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.
There were 6,673 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in March 2022. This represents a 19.5 per cent decrease compared to the 8,287 homes listed in March 2021 and a 22 per cent increase compared to February 2022 when 5,471 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,628, a 16.6 per cent decrease compared to March 2021 (9,145) and a 13.1 per cent 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.