February 2020 Market Update
Vancouver Real Estate
STEADY DEMAND AND LOW SUPPLY BENEFITS HOME SELLERS
February saw steady home buyer demand and reduced home seller supply across Metro Vancouver.
Sales in Greater Vancouver totalled 2,150 in February 2020, a44.9% increase from the 1,484 sales recorded in February 2019, and a 36.9% increase from the 1,571 homes sold in January 2020.
Last month’s sales were 15.6% below the 10-year February sales average.
The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 9,195 a 20.7% decrease compared to February 2019 (11,590) and a 6.7% increase compared to January 2020 (8,617).
For all property types, the sales-to-active listings ratio for February 2020 is 23.4%. By property type, the ratio is 17.3% for detached homes, 26.9% for townhomes, and 28.4% for apartments.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,020,600. This represents a 0.3% increase compared to February 2019, and a 2.7% increase over the past 6 months.
