Metro Vancouver Real Estate Market Update: March 2022

The Metro Vancouver real estate market remained active in March 2022, although sales were below the record levels seen a year earlier. Home prices continued to rise, while more properties came to market compared with February.

According to the Real Estate Board of Greater Vancouver (REBGV), 4,344 residential homes sold in Metro Vancouver in March 2022.

That’s a 23.9% decrease from March 2021, but a 26.9% increase from February 2022. March sales were also 25.5% above the 10-year average for the month.  

Metro Vancouver Real Estate Market at a Glance

• 4,344 homes sold
• 6,673 new listings
• 7,628 active listings
• $1,360,500 benchmark home price
• 20.7% year-over-year price increase
• 56.9% sales-to-active-listings ratio

Metro Vancouver Home Sales in March 2022

March 2021 was the highest-selling month in the region’s history, so the year-over-year decline in sales needs some context.

While activity was down from that record, 4,344 sales still represented a very active Metro Vancouver housing market.

Compared with February 2022, sales increased by 26.9%, showing that buyer demand remained strong heading into the spring market.

More Homes Were Listed for Sale

There were 6,673 new listings in Metro Vancouver in March 2022.

That’s:

• 19.5% lower than March 2021
• 22% higher than February 2022

Active listings increased to 7,628 homes, up 13.1% from February but still 16.6% below March 2021.

For buyers, the increase in new and active listings provided more choice, although overall supply remained well below the level needed for a balanced market.

Metro Vancouver Home Prices Continued to Rise

The MLS® Home Price Index benchmark price for all residential properties reached $1,360,500 in March 2022.

That’s a:

• 20.7% increase from March 2021
• 3.6% increase from February 2022

Despite the slowdown in sales compared with the previous year, limited inventory continued to put upward pressure on home prices.

Buyer Demand Remained Strong

The sales-to-active-listings ratio across all property types was 56.9% in March.

By property type:

• Detached homes: 38.8%
• Townhomes: 73.3%
• Apartments: 70.3%

Generally, a sustained ratio below 12% can indicate downward pressure on prices, while a ratio above 20% can indicate upward pressure.

At 56.9%, the March 2022 market was firmly in seller-favouring territory.

Detached Home Market

There were 1,291 detached home sales in March 2022, down 34.3% from March 2021.

The benchmark price for a detached home reached $2,118,600, representing:

• 23.4% growth from March 2021
• 3.6% growth from February 2022

Apartment Market

Apartment sales totalled 2,310 in March 2022, down 14.3% from March 2021.

The benchmark apartment price was $835,500, up:

• 16.8% from March 2021
• 3.4% from February 2022

Townhome Market

There were 743 attached home sales in March 2022, a 29% decrease from March 2021.

The benchmark price for an attached home reached $1,138,300, up:

• 28.1% from March 2021
• 4.4% from February 2022

What Did the March 2022 Market Mean?

March 2022 showed a Metro Vancouver real estate market that was still very active, but beginning to move away from the record-breaking pace of 2021.

Sales remained well above historical averages, prices continued to climb and demand significantly outweighed available supply.

For buyers, rising interest rates and limited inventory were important considerations. For sellers, strong demand and low supply continued to create favourable conditions.

As always, the broader Metro Vancouver numbers only tell part of the story. Neighbourhood, property type and price range can make a significant difference.

Thinking about a move in Burnaby or New Westminster?

Explore homes in the best neighbourhoods and plan your next step with local guidance.

Download the Free Seller’s Guide

Or contact the Adam Lloyd Team for a free consultation.