Greater Vancouver home sales explode in March, shatter 10-year average

VANCOUVER (NEWS 1130) – The pandemic real estate party is showing no sign of slowing down across the Lower Mainland, with local real estate sales in March smashing previous records.

The Real Estate Board of Greater Vancouver says March was the hottest month in terms of transactions ever recorded.

There were 5,708 sales across the region.

“This is the highest residential home sales in the region, ever,” said Taylor Biggar, chair of the Real Estate Board of Greater Vancouver, noting this applies to the region from the Sunshine Coast, through Whistler, all the way to Maple Ridge.

The hottest month for real estate in our region's history: a record 5,708 transactions in March, and 72.2% higher than the 10 year home sales average for that month, according to the Real Estate Board of Greater Vancouver. Demand greatest in suburban & rural areas. #VanRE

— Martin MacMahon (@martinmacmahon) April 2, 2021

In fact, home sales were 72.2 per cent higher than the 10-year home sales average for March, with demand greatest in suburban and rural areas.

“This is the highest home-sales month we’ve ever had in history,” Biggar added.

In Delta South, for example, sales are up 196 per cent compared to last year. Biggar says Squamish and Whistler also saw high increases.

“Squamish saw 188 per cent or 187 per cent increase over sales this last March — those are our two, sort of, frontrunners when it comes to extreme sales numbers,” he explained.

Digging into the numbers deeper, sales up in the 190% range in Delta South, Squamish and Whistler compared with this time last year. Listen @NEWS1130 as we hear from new @REBGV chair Taylor Biggar on this continued push to more suburban & rural communities. https://t.co/tdAXs6HUx3

— Martin MacMahon (@martinmacmahon) April 2, 2021

Supply and interest rates

Biggar chalks much of these increases up to a low supply and low interest rates.

However, he says the latter is the primary driver.

“They’ve come up a little bit, but basically, if people have had that rate hold for a little while, usually 90 to 100 days, and those people are all the ones purchasing and driving activity right now,” Biggar told NEWS 1130.

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Prices around Greater Vancouver were up nine per cent last month compared with March of 2020.

While detached homes continue to be the most in demand, Biggar says condos and townhouses are also starting to pick up.

With all this increase in demand, Biggar notes that prices for detached homes in the suburbs are, in some cases, starting to look like what Vancouver prices used to look like.