Major cities post massive February sales growth

On the West Coast, Vancouver reported a staggering 21 per cent increase over the year-ago period, rising to 3,061 properties. February sales were also 60 per cent higher than in January, and 20.2 per cent above the city’s 10-year average.
Sales of detached properties rose 25.6 per cent over the year-ago period, while condo sales were up 20.5 per cent from February 2014.
“It’s an active and competitive marketplace today,” said Ray Harris, president of the Real Estate Board of Greater Vancouver.

“Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now. We’re seeing more multiple offer situations and generally more traffic at open houses today.”
Indeed, the average price of detached homes rose 9.7 per cent to $1.03 million in February, while condo prices were up three per cent to $386,500.
Those increases were in stark contrast to the declines that the Calgary market is currently facing. In February, home sales fell 34.22 per cent from the year-ago period. Average prices in that city, however, were down less than two per cent, to $420,000.
Agents on the ground, meanwhile, have been calling for rational reactions to what is actually happening in the market.
“The world is not ending out here, but it is correcting itself and, depending on how long the prices stay where they are and how low they go, there will be a ripple,” Duane Ritter, a sales rep in Alberta, told CREW's sister site REP. “We just don’t know how big the ripple is going to be.”

Find out more about median house prices, capital growth and demographics in Canada's cities and neighbourhoods with CREW’s free online Investment Hotspot tool.

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