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Vancouver-area home sales soared last month: REBGV

VANCOUVER (NEWS1130) – Local home sales shot higher in March.

The Real Estate Board of Greater Vancouver says sales soared 54 per cent from a year earlier to 4,060, while the sales-to-listings ratio was the highest since July 2007.

Its adjusted “benchmark” price for all types of homes was up 7.2 per cent to $661,000.

The average unadjusted price for detached homes surpassed $1.4 million for the first time last month. That’s a 16 per cent year-over-year increase.

The supply of properties contracted by 15 percent from a year earlier, according to the REBGV.

“We’re seeing strong competition amongst home buyers,” Darcy McLeod, the board’s president, said in the statement. “This is leading to more multiple offer situations and some upward pressure on home prices.”

The Fraser Valley board saw a 47 per cent sales increase to 1,857, with Surrey accounting for one-third of the total. The average price for a detached home rose 4.5 per cent to $588,000.