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March 2018 Market Update

Dan Wurtele

Living in Vancouver for the past 21 years it has been exciting to watch it grow into one of the most desirable cities in the world...

Living in Vancouver for the past 21 years it has been exciting to watch it grow into one of the most desirable cities in the world...

Aug 8 2 minutes read

March Real Estate sales were down almost 30% compared to March 2017 caused largely in part by the record low inventory.   

Prices on the other hand continue to rise as buyers fight for the few homes that are available. 

Both buyers & sellers are being affected by the high prices, new tax announcements, rising interest rates, and stricter mortgage requirements resulting in many being either pushed out of the market, or adopting a 'wait and see' mentality.

Breaking It Down By Housing Type

DETACHED HOMES

Sales of detached properties in March 2018 reached 734, a 36.6% decrease from March 2017. The benchmark price for detached properties is $1,608,500. This represents an 7.4% increase from March 2017.


TOWNHOMES

Sales of Townhomes in March 2018 reached 395, a 22.5% decrease from March 2017. The benchmark price for detached properties is $835,300. This represents an 17.7% increase from March 2017.

CONDOS

Sales of condos in March 2018 reached 1,356, a 26.3% decrease from March 2017. The benchmark price for detached properties is $693,500. This represents an 26.2% increase from March 2017.

Benchmark & Per Foot Prices



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