Last month, there was steady home buyer demand with a decrease in home seller supply across Metro Vancouver. According to the Real Estate Board (REBGV), there were 2,150 residential home sales last month which is a 44.9% increase from the same month last year and a 36.9% increase from last month. However, February 2020 sales were 15.6% below the 10-year February sales average.
“Home buyer demand again saw strong year-over-year increases in February while the total inventory of homes for sale struggled to keep pace,” Ashley Smith, REBGV president said. “This was most pronounced in the condominium market.”
There has been a 2.8% increase in MLS listings compared to February 2019 for detached, attached and apartment homes on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2020 which brings it to 4,002 units. This also represents a 3.4% increase compared to last month.
There has been a 20.7% decrease compared to February 2019 and a 6.7% increase compared to January 2020 for numbers of homes currently listed for sale.
"Our Realtors are reporting increased traffic at open houses and multiple offer scenarios in certain pockets of the market. If you’re considering listing your home for sale, now is a good time to act with increased demand, reduced competition from other sellers, and some upward pressure on prices," says Smith.
The sales-to-active listings ration for last month is 23.4% across all property types. A breakdown of this ratio is as follows:
- Detached Homes - 17.3%
- Townhomes - 26.9%
- Apartments - 28.4%
For all residential properties in Metro Vancouver, the MLS® Home Price Index composite benchmark price is currently at $1,020,600 which is a 0.3% increase in comparison to February 2019 and a 2.7% increase over the past six months.
A breakdown of February 2020 sales is as follows:
- Detached Homes - There were 685 sales which is a 52.9% increase from February 2019. The benchmark price for a detached home is $1,433,900 which is a 0.7% decrease from February 2019 and a 1.9% increase over the past six months.
- Apartment Homes - There were 1,061 sales which is a 39.8% increase from February 2019. The benchmark price for an apartment property is $677,200 which is a 0.9% increase from February 2019 and a 3.6% increase over the past six months.
- Attached Homes - There were 404 sales which is a 45.8% increase from February 2019.The benchmark price of an attached home is $785,000 which is a 0.6% increase from February 2019 and a 1.7% increase over the past six months.
Source: Real Estate Board of Greater Vancouver (REBGV)
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.