Home sales across Metro Vancouver fell 41.9% year-over-year last month, according to Real Estate Board of Greater Vancouver data released March 2, putting sales activity almost 8% below the 10-year average for February.
A total of 2,425 homes were sold across the region for the month. Although this is a drop compared with a year ago, it represents a 59% increase over the number of units sold in January, which were 10% below the 10-year average for that month.
“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” said REBGV president Dan Morrison.
“Limited supply and snowy weather were two factors hampering this activity.”
Morrison said that although sales are down overall compared with last year, low home seller supply is still unable to keep up with demand.
“This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” he said.
The benchmark price for all homes sold across the region was $906,700, which was 1.2% higher than a month ago. Single family home prices were flat in the month at $1,474,200, while prices for townhomes (up 1.3% to $675,500) and apartments (up 2.7% to $526,300).
REBGV stats cover Whistler, the Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge and South Delta. They do not include Surrey or Langley.
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