Proof there’s no slowing down Metro Vancouver’s hot housing market.
It’s another record-breaking month for sales.
The Real Estate Board of Greater Vancouver says sales in the region totaled 5,173 in March 2016.
That’s an increase of a little more than 27 percent when comparing to March of last year.
REBGV president Dan Morrison says the activity is spread out across the lower mainland.
“Today’s demand is broad based. Home buyers are active in neighbourhoods across our region.”
Apartment sales see big jump
Sales of apartment properties reached 2,252 in March 2016, an increase of 38.4% compared to the previous year.
The benchmark price of an apartment property also increased by 18.8 per cent from March 2015.
The benchmark price for an apartment is now $462,800.
In total, there were 6,278 new listings for detached, attached and apartment properties in Metro Vancouver in March 2016.
Morrison says there are a few factors behinds the jump in sales.
“Strong job and economic growth in our province, positive net migration and low interest rates are helping to drive this activity.”
When comparing between March and February, it’s an increase of 24%.
Last month’s sales were also 56% above the 10 year sales average for the month.