Home sales in Metro Vancouver saw a 21.4% jump in February compared to January but were down 9% from a year earlier.
The total of 2,207 sales was also 14.4% below the 10-year average for the month, the Real Estate Board of Greater Vancouver says. For detached homes, sales were almost 39.4% below historical averages, attached sales were 6.8% below, but apartments were up 5.5%.
“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” Jill Oudil, REBGV president said. “Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyers’ market territory.”
Inventory gained 15.2% year-over-year with 4,223 available to buy in February, which was an 11.2% rise from January.
For all property types, the sales-to-active listings ratio for February 2018 is 28.2%; it was 13% for detached homes, 37.6% for townhomes, and 59.7% for condominiums.
“The spring is traditionally the busiest time for home buyers and sellers in our market. We’ll wait to see how they react to the taxes and other policy measures that our provincial and federal governments have introduced so far this year,” Oudil said.
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,071,800, up 16.9% year-over-year and a 1.4% increase compared to January 2018.