|
After a 46 per cent year-over-year increase of new listings in
January, the number of newly listed properties on the MLS® in Metro
Vancouver* rose more moderately in February helping keep market conditions in
balanced territory.
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the
region totalled 1,827 on Metro Vancouver’s Multiple Listing Service® (MLS®)
in February 2025, an 11.7 per cent decrease from the 2,070 sales recorded in
February 2024. This total was 28.9 per cent below the 10-year seasonal
average (2,571).
“After the rush of new listings in January, home sales and new listings in
February were closer to historical averages, which has positioned the overall
market in balanced conditions,” Andrew Lis, GVR’s director of economics and
data analytics said. “With a potential Bank of Canada rate cut on the table
for mid-March, homebuyers may find slightly improved borrowing conditions
while enjoying the largest selection of homes on the market since
pre-pandemic times.”
There were 5,057 detached, attached and apartment properties newly listed for
sale on the MLS® in February 2025. This represents a 10.9 per cent increase
compared to the 4,560 properties listed in February 2024. This was 11.6 per
cent above the 10-year seasonal average (4,530).
The total number of properties currently listed for sale on the MLS® system
in Metro Vancouver is 12,744, a 32.3 per cent increase compared to February
2024 (9,634). This is also 36.4 per cent above the 10-year seasonal average
(9,341).
Across all detached, attached and apartment property types, the
sales-to-active listings ratio for February 2025 is 14.8 per cent. By
property type, the ratio is 10.7 per cent for detached homes, 18.5 per cent
for attached, and 16.8 per cent for apartments.
Analysis of the historical data suggests 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.
“Balanced market conditions typically bring a flatter price trajectory, and
we’ve seen prices across all segments remain in a holding pattern for the
past few months,” Lis said. “But with the active spring season just around
the corner, it will be interesting to see whether buyers take advantage of
some of the most favorable market conditions seen in years, and whether
sellers change their willingness to bring their properties to market.”
The MLS® Home Price Index composite benchmark price for all residential
properties in Metro Vancouver is currently $1,169,100. This represents a 1.1
per cent decrease over February 2024 and a 0.3 per cent decrease compared to
January 2025.
Sales of detached homes in February 2025 reached 477, a 14.8 per cent
decrease from the 560 detached sales recorded in February 2024. The benchmark
price for a detached home is $2,006,100. This represents a 1.8 per cent
increase from February 2024 and is virtually unchanged compared to January
2025.
Sales of apartment homes reached 976 in February 2025, a 10.6 per cent
decrease compared to the 1,092 sales in February 2024. The benchmark price of
an apartment home is $747,500. This represents a 2.8 per cent decrease from
February 2024 and a 0.1 per cent decrease compared to January 2025.
Attached home sales in February 2025 totalled 359, a 10.9 per cent decrease
compared to the 403 sales in February 2024. The benchmark price of a
townhouse is $1,087,100. This represents a 1.2 per cent decrease from
February 2024 and a 1.7 per cent decrease compared to January 2025.
|
Comments:
Post Your Comment: