The Vancouver housing revival continued into February, with strong gains measured across all property types both when compared to the previous month and the same month a year ago.
The 2,150 homes sold across the Vancouver region last month was good enough for a 45 percent increase from February 2019, according to data published this week by the Real Estate Board of Greater Vancouver.
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Despite the ongoing surge of home sales relative to the sluggish 2019 market, sales totals are still measuring in well below 10-year averages. February’s sales total was 15.6 percent below the long-term average for the month, a worse showing than January, which came in 7.3 percent below the average.
But just like in January, REBGV was quick to note that the sales results have less to do with weak demand than a lack of homes on the market.
“Home buyer demand again saw strong year-over-year increases in February while the total inventory of homes for sale struggled to keep pace. This was most pronounced in the condominium market,” said REBGV President Ashley Smith in a media release.
According to REBGV data, there were 20.7 percent fewer homes on the market in February this year when compared to the same time in 2019. When it comes to how supply is shaping up for the spring market, there was a bright spot in last month’s data. Homes listed for sale on the Metro Vancouver MLS rose to 9,195, a 6.7 percent increase when compared to January’s total.
With the spring homebuying season beginning to ramp up, Smith said that current market conditions are very favourable to home sellers.
“Our Realtors are reporting increased traffic at open houses and multiple offer scenarios in certain pockets of the market. If you’re considering listing your home for sale, now is a good time to act with increased demand, reduced competition from other sellers, and some upward pressure on prices,” she said.