According to Dan Morrison, President of Real Estate Board of Greater Vancouver (REBGV), reluctance amongst Metro Vancouver home sellers and snowy weather were two factors hampering sale and price activity throughout the month of February.
Sales
Residential home sales in Metro Vancouver totalled 2,425 in February 2017. This is a 41.9% decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2% compared to January 2017 when 1,523 homes sold. Last month’s sales were 7.7% below the 10-year February sales average.
Property Listings
Looking at home listing trends that supply housing market demand, the total number of listings in our market totalled 3,666 in February 2017. This represents a 36.9% decrease compared to the 5,812 units listed in February 2016 and an 11.4% decrease compared to January 2017 when 4,140 properties were listed. This is the lowest number of new listings registered in February since 2003.
Sales-to-Active Listings Ratio
The region’s sales-to-active listings ratio for February 2017 is 31.9%, a 10-point increase from January 2017. While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets.
Benchmark Price
The benchmark price for all properties in the region is approximately $906,700, a 1.2% increase compared to January 2017. The benchmark price for detached properties in February 2017 is $1,474,200, unchanged from January 2017.
The benchmark price of a townhome in February 2017 is $675,500, a 1.3% increase compared to January 2017. The benchmark price of a condo is $526,300, a 2.7% increase compared to January 2017.
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Real Estate Board of Greater Vancouver, “Low supply continues to limit Metro Vancouver home buyers”, accessed March 4, 2017, http://www.rebgv.org/monthly reports?month=February&year=2017
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