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Vancouver-area home sales rise in March

Last Updated Apr 2, 2020 at 9:03 am PDT

A condo building is seen under construction surrounded by houses as condo towers are seen in the distance in Vancouver, B.C., on Friday March 30, 2018. THE CANADIAN PRESS/Darryl Dyck
Summary

Vancouver-area home sales rose 17 per cent in March month-over-month, REBGV says

The first two months of March were the busiest of the year before the pandemic-related falloff

Home sales were up 46 per cent year-over-year

VANCOUVER (NEWS 1130) – Vancouver-area home sales rose 17 per cent in March month-over-month to 2,524, according to the Real Estate Board of Greater Vancouver.

They were up 46 per cent from a year earlier.

REBGV president Ashley Smith says, “The first two weeks of the month were the busiest days of the year” before the COVID-19 pandemic shutdowns.

The board says sales for March were still 19.9 per cent below the 10-year average for the month as restrictions and concerns around the outbreak put pressure on activity.

Sales averaged 138 per day for the first 10 days of the month, but were down to an average of 93 a day for the last ten days, while the board notes that many sales recorded in the month were already in process before the province declared a state of emergency.

New listings were down 10.4 per cent from the same month last year to 4,436, but up 10.8 per cent from February.

The composite benchmark price was $1.03 million, up 2.1 per cent in March compared with last year.

Editor’s note: An earlier version of this article reported a decrease in home sales in March. It has been updated to correct home sales saw a rise in March.