Vancouver demand rebounds but there’s not much to buy

Sales of homes in the Greater Vancouver market rebounded in March following a week previous month but supply issues remain restrictive.

Although March sales (3,579) reported by the Real Estate Board of Greater Vancouver were 30 per cent below the record-breaking sales of a year earlier, they were 46 per cent up from February and almost 8 per cent above the 10-year average for the month.

“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”

New listings were down 24.1 per cent from a year earlier and 29.9 per cent from February, at 4,762; the lowest number of new listings since March 2009.

Prices were up 1.4 per cent month-over-month and down 0.8 per cent compared to 6-months’ earlier with the benchmark price at $913,300.

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