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February 2018 Housing Market Update - Real Estate Board of Greater Vancouver

 
Housing market update for Metro Vancouver with REBGV President Jill Oudil
 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totaled 2,207 in February 2018, a nine percent decrease from the 2,424 sales recorded in February 2017, and a 21.4 percent increase compared to January 2018 when 1,818 homes sold.


Last month’s sales were 14.4 per cent below the 10-year February sales average. By property type, detached sales were down 39.4 percent over the same period, attached sales were down 6.8 percent, and apartment sales were 5.5 percent above the 10-year February average.


“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” Jill Oudil, REBGV president said.


“Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyers’ market
territory.”


There were 4,223 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2018. This represents a 15.2 percent increase compared to the 3,666 homes listed in February 2017 and an 11.2 percent increase compared to January 2018 when 3,796 homes were listed.