February Market Review

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales reached 3,061 on the MLS® in February 2015. This represents a 21% increase compared to the 2,530 sales recorded in February 2014, and a 60% increase compared to the 1,913 sales in January 2015. 

Last month’s sales were 20.2% above the 10-year sales average for the month.

 New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,425 in February. This represents a 15.4% increase compared to the 4,700 new listings reported in February 2014. 

Last month’s new listing count was 11.8% higher than the region’s 10-year new listing average for the month. 

The total number of properties currently listed for sale on the REBGV MLS® is 11,898, an 11.3% decline compared to February 2014 and a 10.1% increase compared to January 2015.

 The sales-to-active-listings ratio in February was 25.7%. This is the highest that this ratio has been in Metro Vancouver since March 2011. 

Sales of detached properties in February 2015 reached 1,296, an increase of 25.6% from the 1,032 detached sales recorded in February 2014, and an 84.1% increase from the 704 units sold in February 2013. The benchmark price for a detached property in Metro Vancouver increased 9.7% from February 2014 to $1,026,300.

 Sales of apartment properties reached 1,244 in February 2015, an increase of 20.5% compared to the 1,032 sales in February 2014, and an increase of 63.7% compared to the 760 sales in February 2013. The benchmark price of an apartment property increased 3% from February 2014 to $386,500. 

Attached property sales in February 2015 totalled 521, an increase of 11.8% compared to the 466 sales in February 2014, and a 56.5% increase from the 333 attached properties sold in February 2013. The benchmark price of an attached unit increased 4.6% between February 2014 and 2015 to $481,500