Residential home sales across Greater Vancouver were up in February, both in terms of volume and dollar amount, according to Canadian Real Estate Association (CREA) data released March 13.
There were 3,365 home sales in the region in February, which represents an increase of 7% compared with last month. Dollar volume was also up as the total sales grew 10% to $2.85 billion from $2.6 billion in January
The average home in the region sold for $839,881 in February – up 1.6% compared with $826,388 in January.
The national average home sale price in February was $426,421, which is almost exactly half of the Vancouver average.
Across Canada, 38,769 homes were sold in the month – an increase of 1% compared with January. Total dollar volume grew 4.3% to $16.7 billion.
“The national figures do little to portray what is really going on in Canada’s housing market—wildly different performance depending on the region or sub-market,” said Robert Kavcic, BMO senior economist, vice-president economic research.
Kavcic points out that Vancouver is one of the country’s hotspots, with sales being buoyed by February’s unusually warm weather.
All figures are seasonally adjusted. The CREA compiles monthly data from select MLS systems across Canada, including the British Columbia Real Estate Association.
This data differs from yesterday’s information released by Teranet, which uses “repeat sales methodology” statistics. This means Teranet examines an aggregation of home value changes for homes that have been sold more than once in a particular time frame.
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