The real estate market in Vancouver has been heating up since the beginning of the new year, as home sales doubled between January and February, putting significant pressure on home prices.
According to data published by the Real Estate Board of Greater Vancouver (REBGV), home sales for the month of February totalled 3,727, marking a 56% increase from January, and a 73.3% rise compared to February 2020. In fact, the region’s housing market was so heated last month, that sales were 42.8% above the 10-year February sales average.
In the news release, the Board noted there were a total of 5,048 new listings in February, up by 12.7% from the month prior, and an increase of 26.1% compared to the same time a year ago. Sales of detached homes in the Metro Vancouver area increased by 79.7% year-over-year, totalling 1,231 in February. Likewise, the benchmark price for a detached home soared by 13.7% year-over-year to $1,621,200.
There were a total of 1,759 apartment-style homes that traded hands in February, marking a 65.8% increase from the same month a year prior. The benchmark price of an apartment in the Metro Vancouver region rose to $697,500, amounting to a 2.5% increase since February 2020.
The REBGV also noted that the region’s housing market has become favourable for sellers, as supply listings are unable to keep up with growing demand, causing competition to heat up among potential homebuyers and push up prices. The MLS home price index composite benchmark for all Metro Vancouver residential housing increased by 6.8% year-over-year, to $1,084,000 in February.
Information for this briefing was found via the REBGV. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.