Home sales in the Greater Vancouver Area increased in March over last year, but were still well below the long-term average for the month, reports The Canadian Press.

According to new data from the Real Estate Board of Greater Vancouver, there were 2,641 homes sold via the MLS, representing an increase of more than 12.5 per cent over last year's sales volume of 2,347.

But despite the increase, the total fell short of the 10-year sales average of 3,190 for March. The ratio of sales to active listings remained steady at 18.2 per cent, unchanged from February. The board stated that this is a good indicator of a balanced market.

“We continue to see steady and stable market conditions across the Greater Vancouver housing market,” Ray Harris, president of the board, said in a statement. “There has been a consistent balance between home seller supply and home buyer demand in our marketplace over the last year.”

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate


More market watch: