The Metro Vancouver housing market saw increased supply from home sellers and below average demand from home buyers in February.
The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 1,484 in February 2019, a 32.8% decrease from the 2,207 sales recorded in February 2018, and a 34.5% increase from the 1,103 homes sold in January 2019.
Last month’s sales were 42.5% below the 10-year February sales average.
There were 3,892 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in February 2019. This represents a 7.8% decrease compared to the 4,223 homes listed in February 2018 and a 19.7% decrease compared to the 4,848 homes listed in January 2019.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,590, a 48.2% increase compared to February 2018 (7,822) and a 7.2% increase compared to January 2019 (10,808).
For all property types, the sales-to-active listings ratio for February 2019 is 12.8%.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,016,600. This represents a 6.1% decrease over February 2018, a 6.2% decrease over the past six months, and a 0.3% decrease compared to January 2019.
Sales of detached homes in February 2019 reached 448, a 27.9% decrease cent from the 621 detached sales recorded in February 2018. The benchmark price for detached properties is $1,443,100. This represents a 9.7% decrease from February 2018, a 7.6% decrease over the past six months, and a 0.7% decrease compared to January 2019.
Sales of apartment homes reached 759 in February 2019, a 35.9% decrease compared to the 1,185 sales in February 2018. The benchmark price of an apartment property is $660,300. This represents a 4% decrease from February 2018, a 5.1% decrease over the past six months, and a 0.3% increase compared to January 2019.
Attached home sales in February 2019 totalled 277, a 30.9% decrease compared to the 401 sales in February 2018. The benchmark price of an attached unit is $789,300. This represents a 3.3% decrease from February 2018, a 6.7% decrease over the past six months, and a 1.4% decrease compared to January 2019.
Source: Craig Munn, Manager Communications, REBGV