Metro Vancouver home sales up by 50% in February 2022 compared to previous month

Mar 3 2022, 1:11 am

Home sales in Metro Vancouver remained strong in February 2022, with the Real Estate Board of Greater Vancouver (REBGV) reporting a total of 3,424 homes were sold within its jurisdiction.

The sales activity represents a 50% increase from the 2,285 units sold in January 2022, and an 8% decrease from the 3,727 units recorded in February 2021. Moreover, sales volumes were 27% above the 10-year sales average for the month.

“As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year,” said Taylor Biggar, chair of REBGV, in a statement.

Over February 2022, there were 4,170 units newly listed for sale, which is a 31% increase from January 2022, and an 8.4% increase from the 5,048 units listed over the same month in 2021. Currently, there are over 6,700 homes listed for sale under REBGV’s jurisdiction, which is well below the supply needed to maintain healthier market conditions. There is a need to accelerate more new additional housing supply in the region.

The sales-to-active-listings ratio for the month was 51%, with detached homes at 35%, townhomes at 64%, and apartments at 62%. Economists state a downward pressure on home prices occurs when the ratio drops below 12% for a sustained period, while home prices typically go upwards when the ratio exceeds 20% for several months.

The benchmark price for all homes with REBGV’s jurisdiction is currently $1.313 million, which is a 4.6% increase from January 2022, and a 20.7% increase from February 2021.

Within the Vancouver Westside, the benchmark price in February 2022 for all home types reached $1.43 million, representing a 2% month-over-month uptick, and a 10.3% year-over-year increase. Detached homes were at $3.49 million (+9% year-over-year), apartments were at $871,000 (+9.7% year-over-year), and townhomes were at $1.37 million (17.4%).

The other half of the city, the Vancouver Eastside, experienced a higher rate of growth, with a benchmark price of $1.3 million, catching up to the Vancouver Westside. This is an increase of 4% month-over-month and 16% year-over-year, with detached homes at $1.86 million (+18.8% year-over-year), apartments at $679,000 (+13.2% year-over-year), and townhomes at $1.01 million (+21% year-over-year).

REBGV’s jurisdiction entails Vancouver, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Richmond, South Delta, Squamish, Sunshine Coast, West Vancouver, and Whistler. Other areas of Metro Vancouver — including Surrey, White Rock, North Delta, and Langley — are within the separate jurisdiction of the Fraser Valley Real Estate Board.

February 2022 home sales statistics: REBGV

  • Detached homes
    • Number of units sold: 1,010 (-18% over February 2021)
    • Active listings: 2,890
    • Benchmark price: $2,044,800 (+25% over February 2021; +4.7% over January 2022)
    • Average days on market: 24
  • Apartment homes
    • Number of units sold: 1,854 (+5.4% over February 2021)
    • Active listings: 2,981
    • Benchmark price: $807,900 (+16% over February 2021; +4.1% over January 2022)
    • Average days on market: 19
  • Townhouse sales
    • Number of units sold: 560 (-24% over February 2021)
    • Active listings: 871
    • Benchmark price: $1,090,000 (+27.2% over February 2021; +5.9% over January 2022)
    • Average days on market: 14

Kenneth ChanKenneth Chan

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