Across the region, 1,797 residential properties sold last month, the second lowest February total since 2001 and 30.9 per cent below the 10-year sales average for the month. And while these below seasonal numbers follow recent trends, REBGV says there is some positive news to report.
“…our members tell us they saw more traffic at open houses last month compared to the previous six to eight months,” REBGV president Eugen Klein stated in a news release.
The sales-to-active-listings ratio currently sits at 12.2 per cent in Greater Vancouver, a two per cent increase from last month. It’s the first time the ratio has been above 11 per cent since June 2012.
“With a two-point increase in our sales to active listings ratio and a reduction in the average number of days it’s taking to sell a home, February showed some subtle indications of a changing sentiment in the marketplace compared to recent months,” Klein said.
The benchmark price for all types of housing in Greater Vancouver was $590,400 in February — a 5.6 per cent decline from its peak of $625,100 in May. So housing affordability is indeed increasing in the region, as RBC reported it was last week. Of course, as always, it is important to remember that Metro Vancouver has many distinct housing markets.