February is a slow month for Vancouver real estate as home sales dipped 14.4 percent below the 10-year February sales average. With a residential property sale of 2,207 in the region for the month of February, the Real Estate Board of Greater Vancouver (REBGV) reports a nine percent decrease from the 2,424 sales recorded in February 2017 and a 21.4 percent increase compared to January 2018 sale of 1,818 homes.
“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” Jill Oudil, REBGV president said. “Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyers’ market territory.”
The Multiple Listing ServiceⓇ (MLSⓇ) recorded a total of 4,223 detached, attached and apartment properties listed for sale in Metro Vancouver this month. This indicates a 15.2 percent increase compared to February 2017 (3,666 homes listed) and an 11.2 percent increase compared to January 2018 - with a record of 3,796 listed homes.
Overall, the total number of homes currently listed for sale on the MLSⓇ system in Metro Vancouver is 7,822. This is three percent higher than the homes listed in February 2017 (7,594) and 12.6 percent higher compared to 6,947 homes listed in January 2018.
“The spring is traditionally the busiest time for home buyers and sellers in our market. We’ll wait to see how they react to the taxes and other policy measures that our provincial and federal governments have introduced so far this year,” Oudil said. “To help you navigate these changes in today’s housing market, it’s important to work with your local REALTOR®.”
Editor’s Note: This Real Estate Market Report is based on the monthly statistical reports released by The Real Estate Board of Greater Vancouver (REBGV).