The data for March 2022 is out, and across all property types we are still seeing increases in listing prices. Comparing the March 2022 numbers to March 2021 numbers, there has been a 21% increase in listing prices for all property types. To further break this down, we can go into property type. For detached homes, we are seeing a 24% increase in selling price. For Townhomes, we are seeing a 31% increase in selling prices, and for Condos/Apartments there is a 17% increase. With these prices, we have seen decreases in buying compared to the same period in 2021, so overall the data shows a 24% decrease in home buying. Detached home sales have decreased by 34%, Townhomes sales have decreased by 29%, and Condos/Apartment sales have decreased by 14%.
March 2022 Benchmark Prices in Metro Vancouver
March 2022 saw home prices in Vancouver breaking an all time high. Vancouver is now seeing its 12th consecutive month of price records. In March of 2022, the benchmark price for a home in Metro Vancouver was $1,360,500. This reflects a 3.6% increase from February’s benchmark price of $1,313,400. March 2022 is also the 16th consecutive month that the benchmark home price has risen over a month to month basis. The last decrease we saw in the benchmark home price for Vancouver was November of 2020. It then dipped ever so slightly to $1,044,400, coming from $1,045,900.
Metro Vancouver is still the most expensive housing market in Canada, having held this title for more than 30 years. The Benchmark
March 2022 Benchmark Price Comparisons
The benchmark price for Vancouver is also higher than the average home price in Toronto, which is $1,299,894. This has seen a slight drop from previous months. Toronto once had the most expensive housing market title for the month of February in 2022. There are slight price increases compared to the previous months.
Over the past year, we have seen price increases of 25%, inching to $2,118,600 seen in March 2022. The 3.6% increase over the benchmark price in February represents a monthly increase of $73, 800. In the past year, the benchmark price for detached homes in Vancouver has gone up by $418,400. This gain is more expensive than the average home price in Edmonton, which was at $414,788 in March 2022.
The prices of townhomes have also surged year over year and month over month. Prices are staying above the 1 million mark after passing that level in December 2021. The condo and apartment prices were lagging behind with a 17% increase, which is an increase none-the-less.
We saw the highest year over year benchmark price growth from homes in Maple Ridge. Their prices went up to $1,275,300, up by 37% year over year and 5.3% month-over-month.
In West Vancouver, we saw the highest benchmark home price in Metro Vancouver. The price came in at $2,677,500. West Vancouver also saw the lowest annual growth in home prices, with a year-over-year increase of 7.7%. The number of listings has reduced over last year, with a decrease of 16.6%. In March 2022, the 6,673 listings represented a year-over-year decrease of 19.5%.
This month’s home sales stand at 4,344, reflecting a year-over-year decrease of 24%. With these numbers, Vancouver’s sales-to-active-listings ratio is 56.9%. So this means that the home sales for this month are making up a larger section of active listings.
Vancouver’s housing market saw one tailwind in the 2021 update. Homebuyers in Toronto, Victoria and Vancouver now can benefit from the 5 or 10% down payment incentive that is paid by the Federal government. Persons with a household income up to $15,000 can benefit from this.