The February REBGV Report Continues Record-Breaking Trend

  • February 2016 was the highest selling one in Metro Vancouver’s housing market history at 53.6% above the 10-year average. A 65.6% sales increase from January 2016 indicates that the market is slowly starting to gear up for the Spring busy season. “We’re beginning to see home listings increase as we head toward the spring market, however, additional supply is still needed to meet today’s demand,” said Real Estate Board of Greater Vancouver’s president Darcy McLeod. Despite the short supply (the total number of properties listed on MLS® is 7,299, a 38.7% decline from February 2015), residential property sales reached 4,172; a 36.3% increase from February 2015. In short: it’s still a seller’s market. The February 2016 Stats:

    Sales-to-Active-Listings ratio: 57.2%
    Benchmark price for all residential properties: $795,500 22.2% increase from February 2015
    Benchmark price for a detached property is $1,305,600 27% increase from February 2015
    Detached property sales totaled 1,778 37.2% increase from February 2015
    Benchmark price for an apartment property is $454,600 43.9% sales increase from February 2015
    Apartment property sales totaled 1,790 43.9% increase from February 2015
    Benchmark price for an attached unit is $454,600 17.7% increase from February 2015
    Attached property sales totaled 604 15.9% increase from February 2015

    For a complete comparison, visit rebgv.org. Interested in listing your property, buying a home or investing in the market? We’d love to hear from you, contact us today! *REBGV Editor’s Note: Areas covered by 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, New Westminster, Pitt Meadows, Maple Ridge, and South Delta. Photo courtesy of: Rob Holland