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The latest statistics come on the heels of a federal budget that expressed the need for more data to find out the impact of foreign buyers on the housing market. Ottawa has pledged $500,000 to Statistics Canada to study the issue which is generally seen as only being a concern in Toronto or Vancouver.

For now, the supply of new listings seems to have no chance of keeping up with demand for housing in Canada’s most expensive city.

The board said new listings for detached, attached and apartment properties reached 6,278 in Metro Vancouver in March 2016, only a 5.2 per cent increase from a year ago but an eight per cent jump from February.

In total, there were 7,358 listings on the Multiple Listing System in March, a 40.5 drop from a year ago but an 0.8 per cent increase from February, 2016.



“Strong job and economic growth in our province, positive net migration and low interest rates are helping to drive this activity,” said Morrison.

The impact on prices caused by the demand/supply imbalance continues to be felt. The board’s Home Price Index composite benchmark price for all residential properties in Metro Vancouver rose 23.2 per cent from a year ago to $815,000. The average price of a detached home in Greater Vancouver is now $1.78 million.

Vancouver’s news comes on the heels of reports in Calgary last week that had realtors questioning when they’ll actually see the bottom in the oilpatch. March prices were off 3.51 per cent last month in Calgary, compared to a year ago, based on the board’s index.

gmarr@nationalpost.com

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