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Printed Apr 02, 2025 • 2 minute learn
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Regardless of housing provide within the Vancouver space persevering with to rise, the variety of houses that modified arms within the area final month fell to the bottom ranges for March since 2019.
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The town’s actual property board says residential gross sales within the area totalled 2,091 in March, a 13.4 per cent lower from the two,415 gross sales recorded in March 2024 and 36.8 per cent beneath the 10-year seasonal common.
The composite benchmark worth final month was $1,190,900, down 0.6 per cent from a 12 months earlier however 0.5 per cent greater than February.
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Costs are “treading water,” with minor enhancements taking place solely in small pockets of the area, mentioned Randy Ryalls, managing dealer of Royal LePage Sterling Realty.
Whereas the sector had been predicting a “pretty strong spring market,” he mentioned geopolitical unrest associated to the commerce battle between Canada and the U.S. has precipitated would-be patrons to tug again.
“We’ve bought nearly an ideal patrons’ market form of state of affairs however patrons should not actually stepping in,” mentioned Ryalls.
“There’s nonetheless a good bit of fence-sitting and that could possibly be the 800-pound orange gorilla within the room.”
There have been 6,455 newly listed properties in the marketplace in March, a 29 per cent enhance from the identical month final 12 months and 15.8 per cent above the seasonal common. Whole energetic listings rose 37.9 per cent year-over-year to 14,546.
Andrew Lis, director of economics and knowledge analytics for Higher Vancouver Realtors, mentioned that whereas sellers seem prepared to interact up to now, “patrons haven’t proven up within the numbers we usually see right now of 12 months.”
“If we are able to put aside the political and financial uncertainty tied to the brand new U.S. administration for a second, patrons in Metro Vancouver haven’t seen market circumstances this beneficial in years,” mentioned Lis in a press launch.
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“Costs have eased from latest highs, mortgage charges are among the many lowest we’ve seen in years, and there are extra energetic listings … than we’ve seen in nearly a decade.”
Decrease gross sales within the Vancouver area final month had been led by the indifferent house class, which had been down 24.1 per cent to 527.
Gross sales of condo houses fell 10.2 per cent from final 12 months to 1,084, whereas hooked up house gross sales had been down 4.6 per cent to 472.
Comparable developments have began to develop into obvious in different areas. The Calgary Actual Property Board mentioned earlier this week that house gross sales in that metropolis had been down 18.8 per cent year-over-year in March, with a slowdown throughout all property varieties.
The board mentioned the pullback was unsurprising given the uncertainty attributable to the specter of tariffs from south of the border.
Ryalls in contrast the commerce battle’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.
“In the event you’re a purchaser form 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 might occur, I do suppose that it impacts the final psychology a bit,” he mentioned.
“These issues can form of put folks on the fence for some time and I believe that’s what we’re seeing. I believe persons are form of taking a bit of little bit of a wait-and-see angle proper now.”
This report by The Canadian Press was first printed April 2, 2025.
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