Home sales in Vancouver area up 77% from January, but lag behind last year's numbers: real estate board
REBGV says 1,808 homes were sold in February, roughly 33% below 10-year sales average for the month
The Real Estate Board of Greater Vancouver says the number of homes sold in February was up 76.9 per cent from January, but down 47.2 per cent compared to the same month last year.
The board says sales for the month in the area it covers totalled 1,808, down from 3,424 in February 2022 and roughly 33 per cent below the 10-year February sales average.
The board says the numbers reflect a continued reluctance from prospective home sellers to list their properties, pushing sales well below historical norms.
However, the total number of homes listed for sale in the region has continued inching upwards, moving up by 16.7 per cent from February 2022 and 5.2 per cent from January 2023.
There were 3,467 new listings last month, a 36.6 per cent decrease when compared with February 2022, but a 5.2 per cent increase when compared with January 2023.
The composite benchmark price for all residential properties hit $1,123,400, a 9.3 per cent drop compared to the same month last year but a 1.1 per cent increase over January.
"While we continue to expect home price trends to show year-over-year declines for a few more months, current data and market activity suggest pricing is firming up,'' said Andrew Lis, the board's director of economics and data analytics.
"In fact, some leading indicators suggest we may see modest price increases this spring, particularly if sales activity increases and mortgage rates hold steady.''
Areas and municipalities covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler.