February 2018 Market Update
Home buyers were less active in February
Metro Vancouver home sales dipped below the long-term historical average in February.
The Real Estate Board of Greater Vancouver reports that residential property sales in the region totalled 2,207 in February 2018, a 9% decrease from February 2017.
Last month’s sales were 14.4% below the 10-year February sales average.
By property type, detached sales were down 39.4%
Attached sales were down 6.8%
and apartment sales were 5.5 % 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.
This is resulting in properties priced below $600k having the most activity, while higher priced detached homes are entering a Buyers market as there is more inventory and properties sit on the market longer.
Breaking It Down By Housing Type
Sales of detached properties in February 2018 reached 621, a 15.8% decrease from February 2017. The benchmark price for detached properties is $1,602,000. This represents an 8.2% increase from February 2017.
Sales of apartment properties reached 1,185 in February 2018, a 7.0% decrease compared to February 2017. The benchmark price of an apartment property is $682,800. This represents a 27.2% increase from February 2017.
Attached property sales in February 2018 totalled 401, a 4.5% decrease compared to February 2017. The benchmark price of an attached unit is $819,200. This represents an 18.1% increase from February 2017.