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Vancouver supply struggling to match homebuyer demand

by Steve Randall on 04 Mar 2020

Metro Vancouver home sales gained 44.9% year-over-year in February to a total 2,150.

Real Estate Board of Greater Vancouver reported that home sales were up 36.9% month-over-month but despite the gain sales were 15.6% below the 10-year average for February.

“Home buyer demand again saw strong year-over-year increases in February while the total inventory of homes for sale struggled to keep pace,” Ashley Smith, REBGV president said. “This was most pronounced in the condo market.”

Listings increased just 2.8% year-over-year and 3.4% month-over-month at 4,002 while total inventory of 9,195 was 20.7% down year-over-year but up 6.7% month-over-month.

"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," says Smith.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,020,600, up 0.3% from February 2019 and a 2.7% increase over the past six months.

Stats by property type
Sales of detached homes in February 2020 reached 685, a 52.9% increase from the 448 detached sales recorded in February 2019. The benchmark price for a detached home is $1,433,900. This represents a 0.7% decrease from February 2019 and a 1.9% increase over the past six months.

Sales of apartment homes reached 1,061 in February 2020, a 39.8% increase compared to the 759 sales in February 2019. The benchmark price of an apartment property is $677,200. This represents a 0.9% increase from February 2019 and a 3.6% over the past six months.

Attached home sales in February 2020 totalled 404, a 45.8% increase compared to the 277 sales in February 2019. The benchmark price of an attached home is $785,000. This represents a 0.6% increase from February 2019 and a 1.7% increase over the past six months.



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