Source: Real Estate Board of Greater Vancouver
Greater Vancouver's housing market showed no signs of slowing down in March 2016, with the Real Estate Board of Greater Vancouver (REBGV) tallying the largest number of monthly sales ever, at 5,173. This was up by 27% compared to March 2015 and by 24% versus February 2016.
As the number of listings decline in the face of rising sales, year-over-year prices have responded by moving upwards by an average of 23% across the region*. The fastest increase in benchmark prices was in Tsawwassen, at 32%, followed by 29% in West Vancouver. The slowest growth was seen on Bowen Island, at 11%, behind Pitt Meadows at 15%.
West Vancouver continues to lead the way in average benchmark sales price, at $2.34 million in March 2016; this was more than double the average price in the Vancouver West area, at $1.12 million. New Westminster and Pitt Meadows sat at the other end of the price spectrum, with the average benchmark price in those two municipalities reaching $470,800.
*The REBGV area includes all municipalities in Greater Vancouver except Delta, Surrey, White Rock, the City of Langley, and Langley Township.