Home sales and listings continue to follow historical averages
VANCOUVER, B.C. - March 4, 2014 - In the first two months of 2014, the Greater
Vancouver housing market has maintained the steady pace set throughout 2013.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 2,530 on the Multiple Listing Service® (MLS®) in February 2014.
This represents a 40.8 per cent increase compared to the 1,797 sales recorded in February 2013,
and a 43.8 per cent increase compared to the 1,760 sales in January 2014.
Last month's sales total mirrors the 10-year sales average for February of 2,547, with just 17
sales separating the two figures.
The sales-to-active-listings ratio currently sits at 18.9 per cent in Greater Vancouver, a 4.9 per
cent increase from last month.
"Home buyer demand picked up in February, which is consistent with typical seasonal patterns
in our housing market," said Sandra Wyant, REBGV president. "We typically see home buyers
become more active in and around the spring months."
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,700
in February. This represents a 2.8 per cent decline compared to the 4,833 new listings reported in
February 2013 and a 12.1 per cent decline from the 5,345 new listings in January. Last month's
new listing count was 0.5 per cent below the region's 10-year new listing average for the month.
The total number of properties currently listed for sale on the Greater Vancouver MLS® is
13,412, a 9.3 per cent decline compared to February 2013 and a 6.4 per cent increase compared
to January 2014.
"With the market continuing to perform at a steady, balanced pace, it's important for home
sellers to ensure their homes are priced correctly for today's conditions," Wyant said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $609,100. This represents a 3.2 per cent increase compared to February
Sales of detached properties in February 2014 reached 1,032, an increase of 46.6 per cent from
the 704 detached sales recorded in February 2013, and a 6.3 per cent decrease from the 1,101
units sold in February 2012. The benchmark price for detached properties increased 3.5 per cent
from February 2013 to $932,900.
Sales of apartment properties reached 1,032 in February 2014, an increase of 35.8 per cent
compared to the 760 sales in February 2013, and a 1.2 per cent increase compared to the 1,020
sales in February 2012. The benchmark price of an apartment property increased 3.6 per cent
from February 2013 to $373,300.
Attached property sales in February 2014 totalled 466, an increase of39.9 per cent compared to
the 333 sales in February 2013, and a 9.9 per cent increase from the 424 attached properties sold
in February 2012. The benchmark price of an attached unit increased 0.6 per cent between
February 2013 and 2014 to $458,300.