Friday, March 2, 2018
Metro Vancouver* home sales dipped below the long-term historical average in February.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,207 in February 2018, a 9% decrease from February 2017, and a 21.4% increase compared to January 2018.
Last month’s sales were 14.4% below the 10-year February sales average. By property type, detached sales were down 39.4% over the same period, attached sales were down 6.8%, and apartment sales were 5.5% above the 10-year February average.
“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.”
There were 4,223 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2018. This represents a 15.2% increase compared to February 2017 and an 11.2% increase compared to January 2018.