Photo: François Péladeau/Flickr
Some 3,061 homes changed hands across the Multiple Listing Service in Greater Vancouver last month, a 21 per cent increase compared to the 2,530 sales recorded in February 2014 and a 60 per cent gain over the 1,913 sales in January 2015.
According to the Real Estate Board of Greater Vancouver, last month’s sales were 20.2 per cent above the 10-year average for the month.
“It’s an active and competitive marketplace today. Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now,” Ray Harris REBGV president Ray Harris said in a release.
Breaking down the year-over-year numbers by housing type, detached home sales were up 25.6 in February, condo sales climbed 20.5 per cent and townhome sales rose 11.8 per cent.
The benchmark price for all residential properties in Metro Vancouver finished the month at $649,700, up 6.4 per cent increase compared to February 2014 and 1.3 per cent above January’s price.
Higher prices may be good news for existing owners — indeed, REBGV says the region is “seeing more multiple offer situations and generally more traffic at open houses” — but it’s not so great for new buyers looking to wade into the market. Earlier Tuesday RBC released their quarterly report on housing affordability which showed that Vancouver residents now need to make at least $158,300 in order to be able to afford a detached home.
For more on the February numbers, REBGV’s full statistics package can be seen here.