In Metro Vancouver, sales and home prices moved upward during February, including the number of listings hitting the MLS. But even with last month’s surge of new properties, the region is still chronically undersupplied.
According to the latest insights shared by the Real Estate Board of Greater Vancouver (REBGV), last month’s market reported “steady home sales activity,” as prices and the quantity of new listings climbed.
“As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year,” REBGV chair, Taylor Biggar, said in a news release.
Here’s what we know based on the latest from REBGV.
Sales up nearly 50 per cent from January
Last month, 3,424 residential home sales sold across the Vancouver region, a drastic 49.8 per cent increase compared to the 2,285 properties sold in January. However, February’s sales were down 8.1 per cent from the same period last year, when 3,727 residences traded hands.
By property type, 1,010 detached homes were sold last month, down 18 per cent year-over-year from 1,231 sales. Apartments reported the highest number of sales with 1,854 transactions, up 5.4 per cent from February 2021 when 1,759 units were sold. For townhomes, 560 properties were traded in February, a decrease of 24 per cent from when 737 townhomes were bought and sold during the same month last year.
When looking at the 10-year average, February 2022’s sales were 26.9 per cent higher.
New listings flood February market
Between detached, attached and apartment property types, 5,471 new homes were added to the MLS last month. This is a noticeable 31.2 per cent increase compared to January, when 4,170 residences came online. On a yearly basis, new February listings were up 8.4 per cent from 2021, a difference of 423 more homes this year.
The total number of residential properties available for sale in Metro Vancouver is 6,742, 19.1 per cent more month-over-month but down 19.3 per cent from February 2021.
The sales-to-active listings ratio for February is 50.8 per cent. Detached homes fell short of this benchmark at 34.9 per cent, while townhomes and apartments were closely aligned at 64.3 per cent and 62.2 per cent, respectively.
“Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month,” said Biggar.
Metro Vancouver benchmark price rises on yearly and monthly basis
Last month, the Home Price Index composite benchmark price for all residential homes in the region grew to $1,313,400. This marks a 20.7 per cent yearly price increase, and a 4.6 per cent growth in value from January.
Between January and February, the benchmark price for a detached home rose 4.7 per cent and 25 per cent from February 2021 to $2,044,800. Apartments reported similar monthly price growth, increasing 4.1 per cent month-over-month and 15.9 per cent from last year to $807,900. Townhomes experienced the highest monthly price growth in February, climbing 5.9 per cent to $1,090,000, an increase of 27.2 per cent from the same month in 2021.
