February 2018 Metro Vancouver Market Update
*Information obtained from Real Estate Board of Greater Vancouver's monthly statistical report for February 2018*
Home buyers' activity slowed down in February
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 the 2,424 sales recorded in February 2017, and a 21.4% increase compared to January 2018 when 1,818 homes sold.
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 the 3,666 homes listed in February 2017 and an 11.2% increase compared to January 2018 when 3,796 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,822, a 3% increase compared to February 2017 (7,594) and a 12.6% increase compared to January 2018 (6,947).
“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®.”
For all property types, the sales-to-active listings ratio for February 2018 is 28.2%. By property type, the ratio is 13% for detached homes, 37.6% for townhomes, and 59.7% for condominiums.
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.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,071,800. This represents a 16.9% increase over February 2017 and a 1.4% increase compared to January 2018.
Sales of detached properties in February 2018 reached 621, a 16.6% decrease from the 745 detached sales recorded in February 2017. The benchmark price for detached properties is $1,602,000. This represents an 8.2% increase from February 2017 and is virtually unchanged from January 2018.
Sales of apartment properties reached 1,185 in February 2018, a 7.1% decrease compared to the 1,275 sales in February 2017. The benchmark price of an apartment property is $682,800. This represents a 27.2% increase from February 2017 and a 2.6% increase compared to January 2018.
Attached property sales in February 2018 totalled 401, a 0.7% decrease compared to the 404 sales in February 2017. The benchmark price of an attached unit is $819,200. This represents an 18.1% increase from February 2017 and a 1.9% increase compared to January 2018.
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.
Metro Vancouver Market At-A-Glance
Greater Vancouver Market At-A-Glance
Metro Vancouver ATTACHED Homes Monthly Variances
Metro Vancouver DETACHED Homes Monthly Variances
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