THURSDAY, MARCH 16, 2017
VANCOUVER EASTSIDE
info@rew.ca • 604-435-7977
REALTORS® in Real Estate Weekly are working hard for you. Whether buying or selling, check out the newest and most amazing homes listed in your neighbourhood.
R E A L E S TAT E W E E K LY
Listing Hiatus Pushes Greater Vancouver Back to Sellers’ Market: Board
S
ellers holding off listing their properties was a major factor in a decline in February home sales activity, according to the latest figures published by the Real Estate Board of Greater Vancouver (REBGV) March 2. Sales on the MLS® in February totalled 2,425 homes, nearly 49 per cent lower than the unseasonably hot February 2016. The total was 7.7 per cent below the 10-year average for February, with the last two Februarys’ figures skewing the 10-year average to new heights. February’s home sales were just 100 units short of those in February 2014, for comparison. “February home sales were well below the record-breaking activity from one year ago and in line with our longterm historical average for the month,” said Dan Morrison, president of the REBGV. “Limited supply and snowy weather were two factors hampering this activity.” However, early signs of spring were in the air, with resale transactions nearly
GO TO
REW.CA /NEWS TO READ THESE STORIES AND MUCH MORE REAL ESTATE NEWS AND ADVICE
60 per cent higher than January’s chilly start to the year.
Sales and Listings As usual, market trends varied when broken down by property type. Some 745 single-family homes traded in February – a drop of 58.1 per cent from the scorching detached home market of last February, but a leap of nearly 68 per cent over January this year. Attached properties such as townhomes, rowhomes and duplexes saw 404 unit sales in February, a 33.1 per cent decrease from February 2016, but a 59 per cent rise month over month. Condo sales ruled the market again, with 1,275 units sold in February. This was a decline of 28.8 per cent compared with February 2016, but a 54 per cent rise over January. But it seemed to be a lack of new inventory that prevented the market recovering further, with new listings in February at their lowest level for that month since 2003. Having seen a rush
Chinese Buyers Turning from Vancouver Real Estate – Except at High End: Report
of New Year listings in January, sellers seemed reluctant to make a move in February, with just 3,666 homes coming on the market – 36.9 per cent less than in February 2016 and 11.4 per cent lower than January this year. This meant that active listings as of the end of February stood at 7,594 homes, up a relatively modest four per cent year over year and 4.9 per cent over January. The monthly increase in sales, without a similar increase in new supply, pushed the market firmly back to sellers’ advantage in February, with the salesto-listing ratio jumping 10 points to 31.9 per cent.
Benchmark Prices The combined residential benchmark price (all property types) in Greater Vancouver in February was $906,700 – a rise of 1.2 per cent over the previous month, and 14 per cent higher than February 2016. Looking at the different home types paints a more revealing picture.
How Much Home $1 Million Will Buy You: The Metro Vancouver Edition
Detached home benchmark prices last month were 12.9 per cent higher than February 2016 at $1,474,800 – virtually flat with January’s figure at $600 lower. Ever-popular and in tight supply, attached home benchmark prices once again saw the biggest year-over-year rise, up 18.3 per cent to $675,500, a rise of 1.3 per cent over January. Condo-apartment prices took the prize for biggest month-over-month rise, up 2.7 per cent to $526,300, which is 15.8 per cent more than a year ago. Morrison added, “While home sales are not happening at the pace we experienced last year, supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets.” Home prices vary widely throughout the REBGV region. To get a good idea of home prices in a specific location, check the detailed MLS® Home Price Index at www.rebgv.org
Photo Gallery: Own a Home Just Like the Obamasʼ New Pad (for $20m)