Metro Vancouver’s real estate market continues to transition into an upward trajectory, with the latest statistics for February 2020 by the Real Estate Board of Greater Vancouver (REBGV) showing steady homebuyer demand and reduced supply.
Home sales for the month reached 2,150 units, representing at 44.9% increase from the 1,484 sales recorded in February 2019, and a 36.9% increase from the 1,571 units in January 2020. The sale volumes for February 2019 were 15.6% below the 10-year sales average for the month.
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For listings, there were 4,002 units newly listed for sale across the region last month, which is a 2.8% uptick compared to the 3,892 homes in February 2019, and a 3.4% increase compared to January 2020 when 3,872 homes were listed.
Currently, there are 9,195 homes listed for sale — a 20.7% decrease compared to February 2019’s tally of 11,590 units, but a 6.7% increase compared to January 2020’s total of 8,617 units.
“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 president of REBGV, Ashley Smith.
The sales-to-active listings ratio across all properties for the month was 23.4%, with 17.3% for detached homes, 26.9% for townhomes, and 28.4% for apartments. Downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it exceeds 20% over several months.
The composite benchmark price for all residential properties is now hovering at $1.02 million, representing a 0.3% increase over the same month in 2019 and a 2.7% increase over the last six months.
February 2020 home sales statistics
- Detached homes
- Number of units sold: 685 (+52.9% year-over-year)
- Active listings: 3,959
- Benchmark price: $1,433,900 (-0.7% year-over-year; +1.9% over six months)
- Average days on market: 46
- Apartment homes
- Number of units sold: 1,061 (+39.8% year-over-year)
- Active listings: 3,732
- Benchmark price: $677,200 (+0.9% year-over-year; +3.6% over six months)
- Average days on market: 31
- Townhouse sales
- Number of units sold: 404 (+45.8% year-over-year)
- Active listings: 1,504
- Benchmark price: $785,000 (+0.6% year-over-year; +1.7% over six months)
- Average days on market: 32