Metro Vancouver home sales set record for February The sales in February were 56.3 per cent above the 10-year sales average for the month.

By JOANNE LEE-YOUNG, Vancouver Sun March 2, 2016

Last month was the highest selling February on record for the Metro Vancouver housing market, according to the Real Estate Board of Vancouver.
Photograph by: Jason Payne , PNG

METRO VANCOUVER — Last month was the highest selling February on record for the Metro Vancouver housing market, according to the Real Estate Board of Vancouver.

Residential property sales in the region, which covers areas from Whistler to South Delta, totalled 4,172 in February 2016, up 36.3 per cent from a year ago.

The sales in February were 56.3 per cent above the 10-year sales average for the month and rank as the highest February sales total on record.

“We’re in a competitive, fast-moving market cycle that favours home sellers,” Darcy McLeod, REBGV president said. “Sustained home buyer competition is keeping upward pressure on home prices across the region.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,812 in February 2016. This represents an increase of 7.1 per cent compared to the 5,425 units listed in February 2015 and is up 30.8 per cent compared to January 2016 when 4,442 properties were listed.

“We’re beginning to see home listings increase as we head toward the spring market; however, additional supply is still needed to meet today’s demand,” McLeod said.

The total number of properties currently listed for sale on the Multiple Listing Service system in Metro Vancouver is 7,299, a 38.7 per cent drop compared to a year ago. The sales-to-active listings ratio in February 2016 was 57.2 per cent. The REGBV said: “Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.”

The Fraser Valley Real Estate Board also reported sizzling February numbers with 2,387 sales, up 79 per cent compared to a year ago. This is 46 per cent over the 10-year average for the month of February and four per cent higher than the previous record of 1,948 sales in February 1992.

“In my twenty-five years of real estate, I have never seen such consistent demand for housing in the Fraser Valley,” said Charles Wiebe, president of the FVREB. The board said across Fraser Valley, the the average number of days to sell a single family detached home in February 2016 was 21 days, compared to 41 days in February 2015.

Tight Metro Vancouver markets push average house price to new record $1.83 million

By Derrick Penner, Vancouver Sun February 2, 2016

The average price for a detached home in Metro Vancouver soared to a new record of $1.83 million in January in a market that continues to see hot demand, but a now shrinking supply of homes for sale.

METRO VANCOUVER – Home sales in January eased off December’s torrid pace around Metro Vancouver, but remain in high gear with buyers piling into markets marked by a shrinking inventory. That has kept pressure on prices to reach sharply higher, the latest report from the Real Estate Board of Greater Vancouver shows.

The average price for detached homes across the region hit a new record high of $1.83 million in January, a full 40 per cent higher than January 2015.

The board recorded 2,519 sales through the multiple listing service in January, down 11 per cent from December’s 2,827 sales, but still 32 per cent higher than the level of sales in January a year ago.

However, inventory, also shrank, with new listings down 6.2 per cent at 4,442 in January compared with a year ago and a total inventory of 6,635 homes for sale, down 38 per cent, which really kept pressure on pricing.

“Home buyer demand is at near record heights and home seller supply is as low as we’ve seen it in many years,” said Darcy McLeod, president of the Real Estate Board of Vancouver in a news release.

The board’s benchmark measures strip out luxury sales to track prices of homes more typically sold and in January, the benchmark for detached homes was up 28 per cent to $1.29 million in January on sales of 1,047 homes.

Condo sales were slightly hotter at 1,096 units, a 35-per-cent increase from a year ago, but the benchmark price was up less so, 19 per cent, to hit $466,600.

Townhome sales were up 16 per cent in January compared with a year ago, but that only represented 376 units. The results did push the benchmark price on townhomes up, also by 16 per cent, to $563,700.

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