Thursday, April 02, 2020
Metro Vancouver’s housing market saw steady home buyer demand to begin March and a levelling off of activity as the month went on and concerns about the COVID-19 outbreak intensified.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,524 in March 2020, a 46.1% increase from March 2019, and a 17.4% increase from February 2020.
Last month’s sales were 19.9% below the 10-year March sales average.
"The first two weeks of the month were the busiest days of the year for our region with heightened demand and multiple offers becoming more common. Like other aspects of our lives, this changed as concerns over the COVID-19 situation in our province grew." Ashley Smith, REBGV president.
Daily residential sales on the region’s MLS® were 138 on average in the first ten business days of the month. In the final ten business days of the month, the daily average declined to 93 sales.
“Many of the sales recorded in March were in process before the provincial government declared a state of emergency. We’ll need more time to pass to fully understand the impact that the pandemic is having on the housing market,” Smith said.
“In recent weeks, REALTORS® have been working to help and guide their clients through this uncertain period. Many people have understandably chosen to put their home buying or selling plans on hold for now. Other people have more urgent housing needs and we’re trying to work with them to address these needs in the safest and most responsible way possible.”