â€œWe saw an increase in demand across our region last month as more buyers entered the market in advance of the spring season,â€ said Jake Moldowan, REBGV president.
Detached homes in Richmond and on the west side of Vancouver remain the most sought after properties, he added.
The benchmark price in Richmond for detached homes increased 4.8% over the past three months to reach $1.1 million. In Vancouver West, the benchmark jumped 7.3% over the same period to reach $1.9 million in February.
Owners, encouraged by the sale prices, listed 5,693 properties in February, which is a 24% increase compared to a year earlier when there were 4,606 properties for sale.
Moldowan said that buyers have a good selection with the increasing number of sellers.
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Home sales in February outpaced the 10-year average for the month of 2,742 by reaching 3,097. Detached homes accounted for 1,402 sales, representing a 42.6% increase from a year earlier, and 139% increase from two years ago. The benchmark price for detached properties increased 6% from February 2010 to $848,645.