Limited Housing Supply and Snowy Weather Hamper the Metro Vancouver Housing Market

  • Real Estate Board of Greater Vancouver president Dan Morrison cited bad weather and limited supply for the lower-than-average numbers last month.

    “February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Morrison said. “Limited supply and snowy weather were two factors hampering this activity.” He went on to confirm that while home sales aren’t happening at last year’s pace, “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.”

    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. Sales of residential homes totalled 2,425: a 41.9% decrease from February 2016 and a 59.2% increase from January 2017.

    Metro Vancouver’s February 2017 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

    If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons. Want some advice on how your home fits in? Call us for a consultation today!

    *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.

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