Vancouver’s home sales remained below the 10-year average in February. Nonetheless, it is still a seller’s market.
According to the Real Estate Board of Greater Vancouver, 2,150 homes were sold in February. That equates to a 44.9% jump from the 1,484 sales recorded in February 2019, and a 36.9% increase over January 2020. However, last month’s sales were still 15.6% below the 10-year February sales average.
Despite the increased number of home sales, the Vancouver real estate market continues to be a seller’s market; buyer demand is steady and supply is low. Ashley Smith, REBGV president, said in the board’s Monthly Market Report:
“Home buyer demand again saw strong year-over-year increases in February while the total inventory of homes for sale struggled to keep pace. This was most pronounced in the condominium market.”
The number of newly listed homes for sale in the Vancouver metro increased in February, as well. Specifically, the 4,002 new home listings in February represented a 2.8% jump compared to the 3,892 homes listed in the same month in 2019, and a 3.4% rise compared to January 2020, when there were 3,872 homes listed.
While demand remained healthy, the total number of homes listed for sale decreased by 20.7% — from 11,590 homes in February 2019 to 9,195 this year. Conversely, the total number of homes listed for sale in February rose by 6.7% compared to last month. Smith added:
“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.”
Moreover, the sales-to-active-listings ratio in February was 23.4% for all property types. For detached homes, the ratio was 17.3%, while townhomes were 26.9% and apartments came in at 28.4%. Analysts say downward pressure on prices occurs when the ratio falls below 12%, whereas upward pressure develops when it exceeds 20% for several months.
Benchmark Home Prices & Sales
The benchmark price for all residential properties in Metro Vancouver was $1,020,600 in February, up 0.3% compared to February 2019 and jumping 2.7% in the last six months.
The number of detached homes sold hit 685 in February 2020 – a 52.9% increase year-over-year from the 448 detached sales in February 2019. The benchmark price for a detached home was $1,433,900, a 0.7% decrease year-over-year, but a 1.9% increase in the last six months.
Prices for detached homes varied across the region, according to Global News. In particular, some areas saw noticeable price growth year-over-year, including Whistler (15.7%), Squamish (10.1%), North Vancouver (3%) and Port Coquitlam (2.4%). In contrast, other parts of the region experienced downturns, such as Bowen Island (8.4%), the Sunshine Coast (7.8%), Tsawwassen (4.5%) and South Burnaby (4.2%).
Meanwhile, 1,061 apartments were sold in February this year – a 39.8% increase compared to the 759 units sold in February 2019. The benchmark price for an apartment was $677,200, a 0.9% increase year-over-year and a 3.6% increase in the past six months.
The largest price growth for condos was in Port Moody (4%), followed by Coquitlam (3%), North Vancouver (2.3%) and North Burnaby (2.2%). On the flip side, the steepest dips in condo prices were in Squamish (6.9%), West Vancouver (4.8%), Tsawwassen (3.3%) and Port Coquitlam (3.1%).
Additionally, sales of attached homes reached 404 in February 2020, a 45.8% increase from the 277 sales in the previous year. The benchmark price for an attached home was $785,000, a 0.6% increase year-over-year and a 1.7% jump over the last six months.