Vancouver Home sales for March, 2011
According to a recent press release issued by CREA, “seasonally adjusted, national sales activity in the first quarter of 2011 was up 4.5 per cent from levels recorded in the fourth quarter of last year, and reached the highest quarterly level in a year”.
This surge in activity can be mostly attributed to a rise in both the Toronto and Vancouver markets. The inventory of homes is coming into line with buyer activity, with the national sales-to-new listings ratio (an indicator of balance between supply and demand), registered at 56.5 % in March.
More than half of Canadian’s housing markets could be considered balanced in the month of March. The average price across the country increased in March was 8.9% year-over-year. This increase, however, is partly because of high prices in the metro Vancouver area. National average price increase is cut by more than half to 4.3 per cent.”
Strong demand for detached homes
“A record number of multi-million dollar property sales in March in Richmond and Vancouver West are pushing up average prices for Greater Vancouver, British Columbia” stated Gregory Klump, CREA’s Chief Economist.
The demand for older detached homes in Richmond and Vancouver are strong, and at just over 3 months supply of detached homes in Richmond, the market continue to push home prices higher. Similarly, eager buyers for Vancouver west detached homes are chasing up home prices there when the market has only around 2.36 months supply of homes on the market.