The Metro Vancouver housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February.
The Real Estate Board of Greater Vancouver saw residential homes sales total 3,424 for February 2022 which is a 8.1% decrease from this time last year (3,727) and a 49.8% increase from the 2,285 homes sold in January 2022. Last month's sales were 26.9% above the 10-year February sales average.
Newly listed properties in February for Metro Vancouver reached 5,471 for all property types. This equates to a 31.2% increase from January 2022 (4,170) and a 8.4% increase compared to February 2021 (5,048).
Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw an increase in the combined sales-to-active ratio from last month keeping us in a Seller's Market.
Broken down by property type, the sales-to-active ratio for February 2022 is 34.9% for detached homes, 64.3% for townhouses, and 62.2% for condos. This means that townhouses are in a high Seller's Market, condos are in a Seller's Market as well and the detached sector is still in a Seller's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,313,400 this represents a 20.7% increase over February 2021.
The total sales for February 2022 were 3,424. This works out to 1,010 detached homes with a benchmark price of $2,044,800, 560 townhouses with a benchmark price of $1,090,000 and 1,854 apartments with a benchmark price of $807,900.
Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!
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