February 2017 saw the lowest number of new listings registered for the month since 2003, and the sales were 7.7% below the 10-year average.
However, “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,” said Dan Morrison, Real Estate Board of Greater Vancouver president.
The numbers are being attributed to limited supply and the unexpected and prolonged snowy weather. Residential home sales totalled 2,425; a 41.9% decrease from February 2016 but a whopping 59.2% increase from January 2017.
The February 2017 Vancouver Housing Market by the Numbers:
New Listings (detached, attached, and apartment): 3,666
36.9% decrease from February 2016
11.4% decrease from January 2017
Total Active listings on MLS®: 7,594
4.0% increase from February 2016
4.9% increase from January 2017
Sales-to-Active Listings Ratio: 31.9%
Benchmark price for all residential properties: $906,700
1.2% decrease from January 2017
Benchmark price for a detached property is $1,474,200
6.5% decline over the past 6 months
0% change from January 2017
Detached property sales totaled 745
58.1% decrease from February 2016
Benchmark price for an apartment property is $526,300
2.3% increase over the past 6 month
2.7% increase from January 2017
Apartment property sales totaled 1,275
28.8% decrease from February 2016
Benchmark price for an attached unit is $675,500
0.3% decrease over the past 6 months
1.3% increase from January 2017
Attached property sales totaled 404
33.1% decrease from February 2016
*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.