Metro Vancouver residential real estate sales dropped significantly in February 2017, according to the latest figures released by the Real Estate Board of Greater Vancouver.
The REBGV found home sales were down 41.9% to 2,425 compared to the 4,172 homes sold in February last year, and were 7.7% below the 10-year February sales average.
Interestingly, in a release, REBGV president Dan Morrison said the weather may have been a factor in the downturn in home sales.
“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” said Morrison. “Limited supply and snowy weather were two factors hampering this activity.”
New listings registered in February were also down 36.9%, from 5,812 in February last year to 3,666 in February this year – the lowest number since 2003.
Overall though, there are more properties on the market than this time last year; there are currently 7,594 homes for sale, up 4% compared with 7,299 last February.
Some home prices are down – slightly.
The MLS® Home Price Index composite benchmark price, representing the cost of a typical property, in Metro Vancouver is currently $906,700 – down 2.8% over the past six months.
Meanwhile, as sales of detached homes fell by 58.1% compared to February last year, the benchmark price fell to $1,474,200, down 6.5% over the past six months.
Apartment sales also decreased by 28.8% compared to February last year, but the benchmark price is now $526,300, up 2.3% over the past six months.
Sales of townhomes were also down, dropping 33.1% compared to February last year, with the benchmark price now $675,500, down 0.3% over the past six months.
“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand,” said Morrison.
“This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets.”