Vancouver’s real estate market has continued to remain strong throughout the start of 2022 with the third-highest March on record but could start to cool off.
According to Macdonald Realty’s April 2022 – Lower Mainland Monthly Update and statistics from the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board, sales have decreased 25% compared to March 2021, but remain 30% higher than the 10-year average.
Inventory levels continue to be the biggest contributor to the current market conditions. According to the report, March 2022 is displaying the lowest inventory in a generation with 12,327 active listings. A 15% decrease year-over-year from 14,157 active listings, and 35% decrease from the 10-year average of 18,169 active listings. Current inventory levels for the Vancouver area is only 1.8 months, compared to the usual 4-5 months of inventory.
“With a SAL of 56%, this indicates there is considerable support for higher prices”, says the report.
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