Home sales in Metro Vancouver dipped last month below the long-term historical average for February. Residential property sales totalled 2,207; a 9% decrease from February 2017 and 14.4% below the 10-year sales average for the month. Sales still, however, increased 21.4% from January this year.
“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” said Jill Oudil, Real Estate Board of Vancouver president. She concluded that, “Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyers’ market territory.”
Total Homes Listed for Sale (detached, attached, and apartment): 7,822
3.0% increase from February 2017
12.6% increase from January 2018
New Property Listings (detached, attached, and apartment): 4,223
15.2% increase from February 2017
11.2% increase from January 2018
Sales-to-Active Listings Ratio: 28.2%
Benchmark price for all properties is $1,071,800
16.9% increase from February 2017
1.4% increase from January 2018
Benchmark price for a detached property is $1,602,000
8.2% increase from February 2017
0.1% increase from January 2018
Detached property sales totaled 621
16.6% increase from February 2017
Benchmark price for an apartment property is $682,800
27.2% increase from February 2017
2.6% increase from January 2018
Apartment property sales totaled 1,185
7.1% decrease from February 2017
Benchmark price for an attached unit is $819,200
18.1% increase from February 2017
1.9% increase from January 2018
Attached property sales totaled 401
0.7% decrease from February 2017
If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons.
Spring is generally considered the busiest time of year for home buyers and sellers. With the new taxes and other policy measures now in place in the Vancouver, it will be interesting to see where the the real estate market goes.
When navigating these tricky waters, having a professional on your side is key to making the most out of your sale, as well as getting the best deal when purchasing a home. Call us for a consultation today!
*REBGV Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
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