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March home sales and new listings set records in Metro Vancouver
March housing sales skyrocketed more than 126% higher than in March 2020 – the month the COVID-19 pandemic began – to the highest monthly sales pace ever recorded in Metro Vancouver.
The unprecedented action of 5,720 sales in the month – more than 180 sales every day – blew past housing forecasts and eclipsed the former all-time sales record set in March of 2016, long recognized as the peak year for housing sales in the region.
This market can’t continue at this level forever and, as we’ve seen in previous years, March can be the high point of the year for housing sales. There could be some truth in that theory, but this year and this market is consistently shattering all the traditions.
There may be one wild card yet to be played and it could shift the housing market into hyperdrive later this year. A potential rebound of international buyers and immigration, which were credited for sparking high home sales in the mid-1980s and in 2016-18 and could do so again in 2021.
Here is my March 2021 Snapstats newsletter.
Sincerely,
Jennifer
Data is at the core of my real estate practice; with a well-informed and objective approach, I help my clients form and execute sound, well-considered plans to help them achieve their goals. My business is built solely on referrals from people like you. If you know anyone who would find value in this information and my assistance, I'd be more than happy to help them.
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