03/10/2018
Home buyers were less active in February
VANCOUVER, BC – March 2, 2018 – Metro Vancouver* home sales dipped below the longterm
historical average in February.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
the region totalled 2,207 in February 2018, a nine per cent decrease from the 2,424 sales
recorded in February 2017, and a 21.4 per cent increase compared to January 2018 when 1,818
homes sold.
Last month’s sales were 14.4 per cent below the 10-year February sales average. By property
type, detached sales were down 39.4 per cent over the same period, attached sales were down 6.8
per cent, and apartment sales were 5.5 per cent above the 10-year February average.
“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.”
There were 4,223 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in February 2018. This represents a
15.2 per cent increase compared to the 3,666 homes listed in February 2017 and an 11.2 per cent
increase compared to January 2018 when 3,796 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
7,822, a three per cent increase compared to February 2017 (7,594) and a 12.6 per cent increase
compared to January 2018 (6,947).
“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. “To help you navigate these changes
in today’s housing market, it’s important to work with your local REALTOR®.”
For all property types, the sales-to-active listings ratio for February 2018 is 28.2 per cent. By
property type, the ratio is 13 per cent for detached homes, 37.6 per cent for townhomes, and 59.7
per cent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below
the 12 per cent mark for a sustained period, while home prices often experience upward pressure
when it surpasses 20 per cent over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,071,800. This represents a 16.9 per cent increase over February 2017
and a 1.4 per cent increase compared to January 2018.
Sales of detached properties in February 2018 reached 621, a 16.6 per cent decrease from the 745
detached sales recorded in February 2017. The benchmark price for detached properties is
$1,602,000. This represents an 8.2 per cent increase from February 2017 and is virtually
unchanged from January 2018.
Sales of apartment properties reached 1,185 in February 2018, a 7.1 per cent decrease compared
to the 1,275 sales in February 2017. The benchmark price of an apartment property is $682,800.
This represents a 27.2 per cent increase from February 2017 and a 2.6 per cent increase
compared to January 2018.
Attached property sales in February 2018 totalled 401, a 0.7 per cent decrease compared to the
404 sales in February 2017. The benchmark price of an attached unit is $819,200. This represents
an 18.1 per cent increase from February 2017 and a 1.9 per cent increase compared to January
2018.
