No surprises here: Metro Vancouver’s real estate market still scorched in March.

According to the Real Estate Board of Greater Vancouver’s (REBGV) data, released this morning, home sales actually declined by 23.9% to 4,344 from 5,708 in March 2021; however, the board noted that last year was a record and that market activity is still elevated. Home sales rose by 26.9% from 3,424 in February, and they were 25.5% over the 10-year average.

Ultimately, the decelerated pace of sales activity is good news for homebuyers, as it will commensurately slow the pace of appreciation.

READ: BC's "Cooling Off Period" to Become a Reality

“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago,” REBGV Chair Daniel John said in a news release. “Homebuyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.”

Data revealed that there were 6,673 detached, attached and condo listings on the MLS last month, decreasing by 19.5% from 8,287 during the prior-year period, however, they rose by 22% from 5,471 a month earlier. There are presently 7,628 homes listed on the Metro Vancouver MLS, which is 16.6% below March 2021 when there were 9,145 listings -- but they remain 13.1% above the 6,742 listings in February 2022.

“We’re still seeing upward pressure on prices across all housing categories in the region. Lack of supply is driving this pressure,” John said. “The number of homes listed for sale on our MLSsystem today is less than half of what’s needed to shift the market into balanced territory.”

The sales-to-active listings last month were 56.9%. For detached homes, it was 38.8%, 73.3% for townhomes, and 70.3% for apartments.

Metro Vancouver Prices Still Steadily Rising

According to the MLS Home Price Index composite benchmark price for all housing types, it was $1,360,500 in Metro Vancouver, 20.7% higher than in March 2021, and 3.6% above February.

Detached home sales in March fell by 34.3% to 1,291 from 1,965 during the same month last year, but the benchmark price nevertheless grew by 23.4% year-over-year and 3.6% month-over-month to $2,118,600.

Condo sales decreased by 14.3% to 2,310 in March from 2,697 a year earlier, but the benchmark price rose by 16.8% year-over-year and 4.4% month-over-month to $835,500.

Semi-detached home sales dropped by 29% to 743 last month from 1,046 in March 2021, while the average price rose by 4.4% year-over-year and by 28.1% month-over-month to $1,138,300.