Article content

Some Metro Vancouver realtors weren’t bothered much by a report Tuesday that March home sales in the region had hit a three-decade low.

The Real Estate Board of Greater Vancouver reported that home sales in the region totalled 1,727 in March, a 31.4-per-cent decrease from the 2,517 sales recorded in March 2018. The board also reported that last month’s sales were 46.3-per-cent below the 10-year March sales average and the lowest total for the month since 1986.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Metro Vancouver home sales in March hit three-decade low Back to video

“I think it’s a nice change, to be honest,” said realtor Steve Saretsky.

Saretsky said the market correction is happening from the top down, and it has been interesting to watch the region enter an era of price discovery.

“There’s so few sales, so what do you compare things to?” he asked. “Even if you’ve priced it aggressively, there’s no guarantee you’ll sell it. There’s no buyers right now for high-end product.”

Saretsky said price changes vary widely in micro-markets across the region. He has seen prices for detached homes in West Vancouver come down by as much as 40 per cent, while in East Vancouver they have dropped only 12 per cent, he said.