The latest real estate sales statistics for Metro Vancouver are out for February thanks to the Real Estate Board of Greater Vancouver. I've summarized the key points for each of the three housing categories below, but you can also find the full report here.
Contact me if you would like more detailed statistics or sales information for a specific area, neighbourhood or even street.
The number of apartment sales was 5.5 % above the 10-year average for February.
The sale-to-active-listings ratio is 59.7 % for condominiums. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% for several months.
The benchmark price of an apartment property is $682,800. That’s a 27.2 % increase from February 2017 and a 2.6 % increase from January 2018.
Sales of apartment properties reached 1,185 in February 2018, a 7.1 % decrease compared to the 1,275 sales in February 2017.
Attached sales were 6.8 % below the 10-year average for February.
The sale-to-active-listings ratio is 37.6 % for townhomes.
The benchmark price of an attached unit is $819,200. That’s an 18.1% increase from February 2017 and a 1.9 % increase compared to January 2018.
Attached property sales in February 2018 totalled 401, a 0.75% decrease compared to the 404 sales in February 2017.
Detached home sales were 39.4 % below the 10-year average for February.
The sale-to-active-listings ratio is 13 % for townhomes.
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.
Detached properties in February 2018 totalled 621, a 16.6 % decrease from the 745 detached sales recorded in February 2017.
You can find the full press release and other real estate statistics for Vancouver here. Have any questions, get in touch.
*Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.