The number of new residential property listings hit the lowest level last month in eight years, said the Real Estate Board of Greater Vancouver.
New listings were down 24 percent and sales were down 30.8 percent from a record-breaking level recorded in March 2016, the board said in a news release.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,762 in March 2017, which is the lowest number of new listings in March since 2009.
It said the sales-to-active listings ratio was 47.2 per cent, a 15-point increase over February and said home prices would likely continue to increase until more housing supply comes into the market.
The Multiple Listing Service composite benchmark price for all residential properties in Metro Vancouver is currently $919,300, up 1.4 percent from February.