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For the first time in the Vancouver area, more than 5,000 homes have sold in a single month.

A total of 5,173 residential properties were sold in the region in March, marking a 27.4-per-cent increase over March 2015 and a 24-per-cent increase over February 2016, according to the Real Estate Board of Greater Vancouver.

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“March was the highest selling month the REBGV has ever recorded,” board president Dan Morrison said in a news release. “Today’s demand is broad based. Home buyers are active in neighbourhoods across our region.”

Morrison suggested that migration into Vancouver, low interest rates and economic growth are behind the surge in sales.

A total of 6,278 new listings were recorded on the MLS system in March, and right now 7,358 residential properties are currently listed for sale. While demand seems to be skyrocketing, the available supply of homes on MLS has declined by 40.5-per-cent since the same time last year.