In March, Greater Vancouver experienced a decline in home sales, with 2,415 transactions recorded, marking a 4.7% decrease from March 2023. This figure is notably lower than the 10-year average, indicating a cooling market. The total number of homes listed for sale surged by 22.5% year-over-year, reaching 10,552 properties, which is 6.3% above the 10-year seasonal average. The increase in listings contributed to a more balanced market, although the market still favours sellers.
New listings in March also saw a significant uptick, with 5,002 properties hitting the market, representing a 15.9% increase compared to the same period last year. Despite the increase in listings, the composite benchmark home price continued its upward trajectory, reaching $1,196,800, reflecting a 4.5% increase from the previous year and a 1.1% uptick from February.
