Winter may be hanging on tenaciously, but the housing market is waking from its seasonal slumber.
The Real Estate Board of Greater Vancouver reports 2,425 residential home sales in February; that’s 59.2 per cent more than were sold the month before.
And while it’s still 41.9 per cent less than the record 4,172 homes that were sold in February, 2016, it’s only slightly less than the 10-year average for the month.
REBGV president Dan Morrison says rotten weather may have helped keep buyers at home. But the supply of new listings is also tight. The 3,666 new properties for sale in February was 36.9 per cent less than a year ago, and 11.4 per cent fewer than January. It was also the lowest number of new listings for the month since 2003.
That’s keeping prices buoyant in the local housing market, says Morrison.
“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand,” says Morrison. “This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets.”
The ratio of sales to active listings actually increased 10 per cent from January to 31.9 per cent; experts say housing prices don’t start going down until that ratio dips below 12 per cent for a sustained period and they go up when the ratio stays greater than 20 per cent over several months.
Condo sales strong in local housing market
In fact, the benchmark price for a typical condo in Greater Vancouver increased 2.7 per cent in February to $526,500. In New West, the benchmark price for a condo went up 1.4 per cent to $392,400; that’s a 21.3 per cent increase over a year ago. The benchmark price for condos also increased in Burnaby, by as much as 2.6 per cent to $503,600 in North Burnaby, to 1.9 per cent in South Burnaby, where a typical condo now goes for $561,600.
The benchmark price for townhomes in Greater Vancouver is now $675,500, a 1.3 per cent increase since January and 18.3 per cent more than Feb., 2016. New West townhomes experienced similar increases to a benchmark of $545,500 while in North Burnaby, the benchmark price increased 3.1 per cent over the previous month to $539,500.
House prices are staying steady; in Greater Vancouver the benchmark price of $1,474,200 for a single-family detached home was unchanged from January. In New West, the benchmark price for a typical house went up .3 per cent in February to $1,026,700 while increases in Burnaby ranged from .1 per cent in the South to $1,636,100 to a 1.3 per cent jump in North Burnaby to a benchmark price of $1,499,600.