March 2016 Monthly Update

March was the highest selling month the Real Estate Board of Greater Vancouver has EVER recorded.  To be exact the sales were 56% above the 10year average & the demand is everywhere.
Most of us are asking "what is driving this market?"  There's more than a couple of answers.  Strong job & economic growth, positive net migration, low interest rates & supply of homes for sale.
Speaking of supply, the total number of properties listed for sale on our MLS system is 40.5% over March 2015.  There is certainly no lack of Buyers our personal experience.... listings are seeing anywhere from 2-20 offers - incredible considering an average home in North Vancouver's will cost you $1,422,900 and in West Vancouver ONLY $2,799,900.

GREATER VANCOUVER  - Stats At A Glance:

• Sale of detached properties increased 24.8% over last year & the benchmark price for detached properties increased 27.4%, the average home in Greater Vancouver is $1,342,500.
• Apartment sales up 38.4% & the benchmark price is $462,800.
• Townhouse increased 8.9% & the benchmark price is $589,100

NORTH VANCOUVER
Detached homes:
1yr change +28%
3yr change +51.8%
5yr change +63.3
Townhouse
1yr change +18.1
3yr change +25.8
5yr change +29.2
Apartments
1yr change +9%
3yr change +18%
5yr change +17.8%

West Vancouver
Detached Homes:
1yr change +28.7%
3yr change +54.4%
5yr change +74.1%

Apartments:
1 yr change +29.0%
3yr change +34.3%
5yr change +42.2%