The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,590, a 48.2% increase compared to February 2018 and a 7.2% increase compared to January 2019.
For all property types, the sales-to-active listings ratio for February 2019 is 12.8%.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
“Homes priced well for today’s market are attracting interest, however, buyers are choosing to take a wait-and-see approach for the time being,” Moore said. “REALTORS® continue to experience more traffic at open houses. We’ll see if this trend leads to increased sales activity during the spring market.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,016,600. This represents a 6.1% decrease over February 2018, a 6.2% decrease over the past six months, and a 0.3% decrease compared to January 2019.