The Metro Vancouver housing market experienced a movement away from volatility and toward stability to start the spring season.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential housing sales in Greater Vancouver rose 53% in March compared to the month before....Over the past 10 years, March sales have typically surpassed February by an average increase of 31%. March 2009 marks the second consecutive month that sales have outperformed the ten-year average for this month-over-month comparison.

At the same time new MLS? listings for residential properties continued to decrease for the fifth month in a row.

There's more confidence in the housing market today than we were seeing late last year. Sales activity is rising to more typical levels given the season, and the number of homes being listed for sale is leveling off," said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).

"Realtors are seeing an increasing level of interest from first-time buyers who are attracted to low interest rates, good supply of housing, greater affordability, and a considerably lower overall cost of servicing a mortgage compared to recent years," Russell said.

Click on the graph to see it in full size

You can also download the whole March 2009 REBGV statistics.