By Sammy Hudes
Town’s actual property board says residential gross sales within the area totalled 2,091 in March, a 13.4% lower from the two,415 gross sales recorded in March 2024 and 36.8% under the 10-year seasonal common.
The composite benchmark value final month was $1,190,900, down 0.6% from a 12 months earlier however 0.5% greater than February.
Costs are “treading water,” with minor enhancements occurring solely in small pockets of the area, stated Randy Ryalls, managing dealer of Royal LePage Sterling Realty.
Whereas the sector had been predicting a “pretty sturdy spring market,” he stated geopolitical unrest associated to the commerce warfare between Canada and the U.S. has brought about would-be consumers to drag again.
“We’ve received virtually an ideal consumers’ market type of state of affairs however consumers should not actually stepping in,” stated Ryalls.
“There’s nonetheless a good bit of fence-sitting and that may very well be the 800-pound orange gorilla within the room.”
There have been 6,455 newly listed properties in the marketplace in March, a 29% enhance from the identical month final 12 months and 15.8% above the seasonal common. Complete energetic listings rose 37.9% year-over-year to 14,546.
Andrew Lis, director of economics and information analytics for Larger Vancouver Realtors, stated that whereas sellers seem prepared to have interaction to date, “consumers haven’t proven up within the numbers we usually see at the moment of 12 months.”
“If we will put aside the political and financial uncertainty tied to the brand new U.S. administration for a second, consumers in Metro Vancouver haven’t seen market situations this beneficial in years,” stated Lis in a press launch.
“Costs have eased from current highs, mortgage charges are among the many lowest we’ve seen in years, and there are extra energetic listings … than we’ve seen in virtually a decade.”
Decrease gross sales within the Vancouver area final month had been led by the indifferent residence class, which had been down 24.1% to 527.
Gross sales of residence houses fell 10.2% from final 12 months to 1,084, whereas hooked up residence gross sales had been down 4.6% to 472.
Comparable developments have began to turn out to be obvious in different areas. The Calgary Actual Property Board stated earlier this week that residence gross sales in that metropolis had been down 18.8% year-over-year in March, with a slowdown throughout all property varieties.
The board stated the pullback was unsurprising given the uncertainty attributable to the specter of tariffs from south of the border.
Ryalls in contrast the commerce warfare’s impact on the housing market to the 2008-09 recession, in addition to the early days of the COVID-19 pandemic when demand for actual property softened.
“If you happen to’re a purchaser type of trying on the market and also you’re seeing stock rising and also you’re seeing a lot within the information cycle about these catastrophic financial issues that would occur, I do suppose that it impacts the final psychology a bit,” he stated.
“These issues can form of put folks on the fence for some time and I feel that’s what we’re seeing. I feel individuals are form of taking slightly little bit of a wait-and-see angle proper now.”
This report by The Canadian Press was first revealed April 2, 2025.
Visited 84 occasions, 23 go to(s) at the moment
andrew lis british columbia Larger Vancouver Realtors Randy Ryalls actual esate Regional sammy hudes The Canadian Press vancouver vancouver residence costs vancouver residence gross sales vancouver housing market
Final modified: April 2, 2025
