Vancouver home sales hit lowest March levels since 2019 despite supply influx: board

Despite housing supply in the Vancouver area continuing to rise, the number of homes that changed hands in the region last month fell to the lowest levels for March since 2019.

The city's real estate board says residential sales in the region totalled 2,091 in March, a 13.4 per cent decrease from the 2,415 sales recorded in March 2024 and 36.8 per cent below the 10-year seasonal average.

There were 6,455 newly listed properties on the market, a 29 per cent increase from March 2024, as total active listings rose 37.9 per cent year-over-year to 14,546.

Greater Vancouver Realtors director of economics and data analytics Andrew Lis says buyers in Metro Vancouver "haven’t seen market conditions this favourable in years," amid prices that have eased from recent highs and declining mortgage rates.

While sellers appear ready to engage, he says, so far, "buyers have not shown up in the numbers we typically see at this time of year."

The composite benchmark price in March was $1,190,900, down 0.6 per cent from a year earlier but 0.5 per cent higher than February.