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.