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Fewer listings, strong demand helps Metro Vancouver real estate rally

VANCOUVER — Home sales in Metro Vancouver are bouncing back after a dismal February, but the Real Estate Board of Greater Vancouver says transactions are still almost 31 per cent below the March 2016 record.

 

The board says a shortage of property listings and strong demand, especially for condos and townhomes, propelled the market in March.

 

Board president Jill Oudil says sellers still seem reluctant to put their homes on the market, creating stiff competition for homebuyers.

 

The numbers of new listings haven’t been this low since March 2009.

 

Oudil says the competition also means home prices are likely to continue to increase until we see more housing supply coming on the market.

 

The composite benchmark price in March for all residential properties in Metro Vancouver is over $919,000, a 1.4 per cent increase compared with February.

 

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.