News Release FOR IMMEDIATE RELEASE: Demand for homes continues to outpace supply in Metro Vancouver VANCOUVER, BC – April 4, 2017 – A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March. Residential property sales in the region totalled 3,579 in March 2017, a decrease of 30.8 per cent from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 per cent compared to February 2017 when 2,425 homes sold. Last month’s sales were 7.9 per cent above the 10-year sales average for the month. “While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.” New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,762 in March 2017. This represents a decrease of 24.1 per cent compared to the 6,278 units listed in March 2016 and a 29.9 per cent increase compared to February 2017 when 3,666 properties were listed. This is the lowest number of new listings in March since 2009. The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,586, a 3.1 per cent increase compared to March 2016 (7,358) and a 0.1 per cent decrease compared to February 2017 (7,594). The sales-to-active listings ratio for March 2017 is 47.2 per cent, a 15-point increase over February. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. “Home prices will likely continue to increase until we see more housing supply coming on to the market,” Oudil said. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 0.8 per cent decrease over the past six months and a 1.4 per cent increase compared to February 2017. Sales of detached properties in March 2017 reached 1,150, a decrease of 46.1 per cent from the 2,135 detached sales recorded in March 2016. The benchmark price for detached properties is $1,489,400. This represents a 5.0 per cent decrease over the past six months and a one per cent increase compared to February 2017. Sales of apartment properties reached 1,841 in March 2017, a decrease of 18.3 per cent compared to the 2,252 sales in March 2016.The benchmark price of an apartment property is $537,400. This represents a 5.2 per cent increase over the past six months and a 2.1 per cent increase compared to February 2017. Attached property sales in March 2017 totalled 588, a decrease of 25.2 per cent compared to the 786 sales in March 2016. The benchmark price of an attached unit is $685,100. This represents a 1.3 per cent increase over the past six months and a 1.4 per cent increase compared to February 2017. -30- *Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta. The real estate industry is a key economic driver in British Columbia. In 2016, 39,943 homes changed ownership in the Board’s area, generating $2.5 billion in economic spin-off activity and an estimated 17,600 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $40 billion in 2016. The Real Estate Board of Greater Vancouver is an association representing more than 13,500 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org. For more information please contact: Mark Moldowan Senior writer/Communication Strategist Real Estate Board of Greater Vancouver 604.730.3153 m @rebgv.org moldowan March 2017 * Benchmark Price 1 Month 3 Month 6 Month 1 Year 3 Year 5 Year 10 Year Property Type Area Price Index Change % Change % Change % Change % Change % Change % Change % Residential / Composite Lower Mainland $823,800 232.3 1.5% 2.5% -0.3% 14.4% 49.1% 49.6% 74.4% Greater Vancouver $919,300 240.6 1.4% 2.4% -0.8% 12.7% 49.2% 49.2% 81.6% Bowen Island $852,800 184.9 3.9% 3.5% 7.1% 30.5% 50.6% 40.9% 44.8% Burnaby East $849,500 234.5 1.3% 2.0% -0.4% 10.8% 47.1% 49.2% 76.7% Burnaby North $800,900 240.7 1.6% 4.3% 3.3% 18.4% 53.2% 55.1% 81.8% Burnaby South $884,800 250.1 0.7% 3.1% 2.3% 20.3% 53.7% 53.4% 90.0% Coquitlam $768,600 228.1 2.7% 3.9% -0.7% 11.4% 50.1% 54.0% 72.2% Ladner $780,000 216.8 0.7% -1.5% -8.7% 5.1% 44.4% 42.2% 70.6% Maple Ridge $579,800 195.9 1.7% 2.0% 0.9% 20.3% 51.5% 47.7% 51.0% New Westminster $548,700 233.7 1.8% 3.6% 1.6% 16.2% 47.1% 47.9% 70.1% North Vancouver $983,100 221.8 1.4% 1.7% -2.2% 12.9% 49.4% 50.7% 72.5% Pitt Meadows $568,400 207.9 1.7% 2.1% 1.6% 20.7% 45.2% 51.4% 56.4% Port Coquitlam $605,600 214.6 2.9% 5.6% 1.8% 14.1% 50.9% 48.9% 59.8% Port Moody $780,400 215.8 1.4% 1.9% 0.2% 11.1% 48.8% 57.1% 63.5% Richmond $869,700 252.0 0.8% 1.8% -0.7% 13.2% 48.9% 45.5% 91.3% Squamish $676,700 220.6 2.0% 4.8% 8.0% 26.3% 77.9% 82.2% 82.5% Sunshine Coast $520,600 182.4 2.9% 5.1% 8.1% 26.1% 52.9% 42.7% 41.6% Tsawwassen $924,900 231.7 2.3% 0.1% -6.5% 7.5% 52.7% 51.4% 82.0% Vancouver East $974,700 285.5 2.4% 2.5% -1.1% 13.6% 54.4% 59.9% 109.3% Vancouver West $1,218,500 256.8 0.7% 2.1% -1.8% 9.2% 45.7% 47.6% 91.1% West Vancouver $2,488,900 267.1 1.0% 0.8% -10.1% 6.4% 52.5% 55.2% 101.4% Whistler $769,100 178.7 0.6% 3.6% 6.8% 24.7% 77.1% 62.2% 51.4% Single Family Detached Lower Mainland $1,207,700 256.5 1.0% 0.7% -3.6% 12.8% 55.6% 56.8% 95.7% Greater Vancouver $1,489,400 274.7 1.0% 0.4% -5.0% 10.9% 57.2% 55.6% 110.0% Bowen Island $852,800 184.9 3.9% 3.5% 7.1% 30.5% 50.6% 40.9% 44.8% Burnaby East $1,160,500 259.5 0.0% -0.4% -5.5% 6.2% 52.5% 53.2% 103.1% Burnaby North $1,518,700 293.7 1.3% 2.0% -2.9% 11.6% 61.6% 65.7% 123.7% Burnaby South $1,612,100 308.6 -1.5% -0.6% -4.6% 15.6% 63.4% 65.6% 137.2% Coquitlam $1,150,500 255.3 2.7% 2.2% -5.0% 10.0% 58.3% 65.0% 95.3% Ladner $947,500 228.4 0.0% -3.4% -11.0% 3.4% 50.4% 47.8% 80.4% Maple Ridge $718,500 204.7 1.1% 1.5% 0.1% 19.4% 57.6% 55.3% 61.3% New Westminster $1,029,500 255.4 0.3% -0.6% -5.2% 8.3% 53.7% 51.4% 99.4% North Vancouver $1,575,500 250.8 1.2% -0.2% -5.3% 10.7% 62.8% 64.0% 97.9% Pitt Meadows $774,300 218.2 0.4% 0.6% -2.4% 17.0% 57.0% 55.0% 68.9% Port Coquitlam $884,000 235.8 2.8% 4.2% -0.5% 9.8% 57.7% 60.2% 82.2% Port Moody $1,347,800 248.9 0.4% -0.5% -2.5% 11.3% 53.4% 65.4% 90.1% Richmond $1,550,600 311.0 -0.7% -1.9% -8.0% 9.7% 61.8% 50.9% 134.9% Squamish $836,100 222.3 3.1% 2.8% 6.1% 27.0% 65.0% 66.5% 82.1% Sunshine Coast $517,800 181.4 3.1% 5.0% 7.9% 25.8% 53.0% 42.4% 40.9% Tsawwassen $1,179,600 254.0 2.5% -0.4% -7.1% 6.2% 59.7% 61.7% 98.9% Vancouver East $1,452,200 321.0 1.9% -0.3% -5.5% 12.7% 63.9% 71.9% 142.8% Vancouver West $3,461,700 355.4 1.1% 0.5% -4.5% 12.7% 58.9% 55.1% 158.3% West Vancouver $2,961,800 281.6 0.9% 0.5% -11.9% 5.8% 52.5% 55.6% 113.0% Whistler $1,357,500 187.9 -0.4% 0.2% 4.3% 20.4% 51.2% 56.5% 61.0% HOW TO READ THE TABLE: • Benchmark Price: Estimated sale price of a benchmark property.