Vancouver home sales shot up 50% month-over-month in February, the Real Estate Board of Greater Vancouver (REBGV) is reporting.
Last month, home sales in the Metro Vancouver area totalled 3,424. Although that number sits 8.1% below the number of sales seen in February 2021, it's up a staggering 49.8% from just one month prior. February's sales also far surpassed the 10-year February sales average, the real estate board said, sitting 26.9% above it.
“As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year,” said REBGV Chair Taylor Biggar.
READ: BC "Cooling Off Period" Comes Under Fire Amid New Housing Crisis Recommendations
As the number of sales saw a jump, so did the number of listings -- albeit a smaller one. New listings across all housing types, including attached, detached, and apartment properties, reached 5,471 last month. This marked an 8.4% increase compared to one year prior and a 31.2% increase from January 2022.
“Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month,” Biggar said.
Currently, there are 6,742 homes listed for sale in Metro Vancouver, which is actually a 19% drop from February 2021, but a 19% increase from the previous month.
More Than Half of Available Homes Bought in Feb
The sales-to-active listings ratio for February sat just above 50%, meaning half of the available listings in Metro Vancouver were scooped up last month. This varied across home type, however, with detached homes seeing the lowest ratio of 35%. Townhomes and apartments appeared to be more in-demand, with 64% and 62% of listings selling, respectively.
"Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months," the REBGV report reads.
As to be expected when there's limited inventory and high demand, prices went up once again in February. The composite benchmark price for all residential properties now sits at $1,313,400 -- up 4.6% month-over-month and 20.7% year-over-year. On a property-type level, the benchmark price for detached homes jumped 4.7% month-over-month to $2,044,800. Apartments hit $807,900 and attached homes went up to $1,090,000.
“A lack of housing supply is at the heart of the affordability challenges in Metro Vancouver today,” Biggar said. "We need more coordinated action from stakeholders at all levels to help create an ample, diverse supply of housing options for residents in the region today and into the future."
